HTX DeepThink: Crypto market enters' low liquidity game ', decline or near end but risk appetite needs to be fixed According to BlockBeats, on November 24th, Chloe, a columnist for HTX DeepThink and a researcher at HTX Research, pointed out that the US market is showing a "data intensive landing" feature before the holiday this week. Multiple core economic indicators will be released from Monday to Wednesday, and high-frequency employment data (especially initial jobless claims on Wednesday) will become a key factor affecting risk appetite. The cryptocurrency market is still digesting the adjustment since October, with Bitcoin falling by about 30% from its high point, ETFs continuing to experience net outflows, Coinbase premiums weakening, and overall sentiment remaining low. Although there are expectations of "stopping balance sheet contraction+early interest rate cuts" to support the medium-term outlook, the current situation is closer to the rebalancing stage before the liquidity switch, and institutional positions are mainly reduced and hedged. The pricing of derivatives reflects the market's defensive posture: the CME BTC futures premium has fallen below 4%, and the term structure has flattened; The short-term implied volatility is higher than that of the distant months; 25 delta bearish skewness is negative for the entire term; IV rises synchronously with the price decline. Overall, the downward phase may be nearing its end, but risk appetite has not yet recovered. If the consumption and employment data weaken moderately this week, the market may experience a technical recovery; If the strong data suppresses the expectation of interest rate cuts, it may still trigger a short-term pullback in the context of weak holiday liquidity. Analysis suggests that around $80000 is the observation range for medium to long-term allocation demand.