#加密货币市场行情分析 Through analysis of on-chain data, the recent decline in the crypto market has been mainly driven by retail investors selling Bitcoin and Ethereum spot ETFs. Notably, retail investors withdrew around $4 billion from these ETFs in November, surpassing the previous record net outflow set in February. This stands in stark contrast to the significant inflows retail investors have made into equity ETFs during the same period, highlighting a differentiated approach to crypto assets versus stocks.

This divergence indicates that although both crypto assets and stocks are considered risk assets, retail investors still view them as distinct investment categories. In terms of capital flows, the crypto market may face short-term pressure, but this also presents potential entry opportunities for long-term investors. It is recommended to closely monitor the actions of institutional investors and changes in market sentiment to inform your next investment decisions.