In November's crypto market, even Wall Street's "regular army" has started to retreat.

First, let's look at the numbers — the US Bitcoin spot ETF has seen a net outflow of $3.7 billion this month, with an average of over $100 million escaping daily. The Ethereum ETF is worse off, with a direct withdrawal of $1.6 billion. With both engines stalling simultaneously, BTC has plummeted from its high of $126,000 in October to $80,000, and the total market capitalization of global cryptocurrencies has fallen below $3 trillion, directly returning to the starting point from four months ago.

This decline reminds people of the FTX collapse in 2022, but this time there was no explosion, no black swan. It's purely a collapse of confidence, with funds collectively rushing for the exit.

Why is it falling like this? The surface reason is that institutions are withdrawing crazily through ETFs, and the deeper problem is that the market can't tell a new story anymore. Once speculators start to panic, the situation becomes uncontrollable. Now, $80,000 is a key defense line - if it can't hold, the support level at $75,000 might be tested.

Retail investors need to stay calm now. Don't rush to catch the falling knife; it's better to wait until BTC stabilizes at 83,000 before entering in batches. In terms of positions, focus on the main lines; BTC and ETH are the stable anchors, while altcoins have too much volatility, so keep positions within 10%. If you're an investor who prefers dollar-cost averaging, prioritize Bitcoin. The last iron rule: in this kind of market, absolutely avoid leverage; the speed of liquidation is faster than you can imagine, and surviving is essential for a chance to turn things around.

The colder the market, the more fierce the rebound will be when it comes - provided you can hold on until that day.