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Core Market Dynamics: The crypto market shows early signs of the 2022 bear market, with multiple signals indicating a cooling risk appetite

• Weak ETF demand becomes a key drag: BlackRock's IBIT has seen outflows for six consecutive weeks, setting a record for the longest negative flow since its launch in January 2024, with over $2.7 billion redeemed in the past five weeks, significantly indicating institutional capital flight.

• Derivatives market highlights risk-averse sentiment: Open interest in futures for November-December continues to decline, with investors' risk tolerance decreasing after the clearing flash crash on October 10; perpetual contract financing rates are neutral, and financing premiums have fallen, significantly reducing speculation.

• Options market sentiment initially suppressed then stabilized: Put options dominated as Bitcoin approached $80,000, and after prices stabilized, funding shifted towards call options, with implied volatility declining and skew easing, leading to a waning of panic sentiment.

• Market structure similar to early 2022 bear market: Over 25% of Bitcoin supply is in a state of loss, with on-chain weakness intertwining with shrinking demand, yet capital momentum remains positive, with the real market average serving as a key support level.

Brothers, are we bullish or bearish now? Feel free to leave a message
#美联储重启降息步伐
$BTC $ETH $BNB

Ethereum Fusaka upgrade officially launched: a comprehensive analysis of core breakthroughs and ecological impacts

• Core upgrade positioning: On December 3, 2025, Ethereum will officially activate the Fusaka upgrade at block height 13,164,544 (formed by merging the execution layer Osaka and the consensus layer Fulu), which includes 12 EIP proposals. It is a systemic upgrade that balances "scalability, security, and decentralization," with Vitalik Buterin personally congratulating the developer team.

• Key technological breakthroughs:

1. PeerDAS (EIP-7594): Core upgrade plan, through data availability sampling + erasure code technology, nodes do not need to download the complete Blob data, only verifying 1/8 random fragments can ensure data integrity, theoretically increasing Layer-2 (L2) data capacity by 8 times and reducing the validator threshold by 85%.

2. BPO fork mechanism (EIP-7892): Lightweight dedicated fork, can flexibly adjust the number of Blobs per block, accommodating the growth of L2 data demand without major hard forks, with plans to double the number of Blobs in phases.

3. User experience innovation: Supports P-256 native signature (EIP-7951), compatible with Apple/Android device security modules, unlocking non-seed phrase wallets; speeds up transaction confirmations through block pre-confirmation (EIP-7917).

4. Security and efficiency optimization: Sets a single transaction gas limit of 167 million (EIP-7825), introduces a Blob floor price mechanism (EIP-7918) to stabilize the fee market, supports expiration of historical records (EIP-7642) to save 530GB of node storage.

• Core ecological impact: L2 operational costs are expected to decrease by 40%-60%, high throughput applications (DeFi, blockchain games) are ushering in development opportunities; Ethereum mainnet gas limit increased to 60M, moving towards a dual-track architecture of "L1 settlement + L2 execution," aiming to support 100,000 transactions per second.

Will ETH start a bull market now? #ETH走势分析
$BTC $ETH $BNB

$ETH Brothers, did you go long today? I mentioned to the brothers yesterday that there would be a rebound.

$ZEC If you borrow 100U from me to complete the last dance, I will lend it to you without hesitation, but if you say you need it for living, eating, or accommodation, sorry, my money will not be lent to cowards! I have always shot others, how could anyone shoot me? Follow me on horseback, let's charge forward!

$ZEC Brothers, this morning I mentioned 675, how many people followed up at that time, got the money, got the money, regardless of this and that, just do it, finally got the second piece of meat from this dealer!!!

Brothers, have you all gotten on the bus? Let's start collecting the miller, collecting the miller.

I believe my brothers have started reaping the rewards,

$ZEC The obvious upward channel has ended, brothers. The current price is the peak of ZEC. If we don't short now, we will never return to this price. Let's wait and see.

$ZEC The Earth does not explode, ZEC must not fall

$ZEC It's not easy to rip a piece of meat from the dealer's mouth, this dealer is too ruthless, sleeping 💤

Don't leave it empty today, start to empty it gradually from tomorrow.

$ZEC Mingpai, I understand, it will start to decline in 3 days, brothers

$ZEC feels like it will rise further, but it will eventually come down, it just depends on whether the bullets are sufficient $