After entering November, the crypto market has continued its adjustment phase, with short-term price volatility and cooling sentiment prompting investors to reassess the balance between risk and reward. Rthae believes that the current market state is not a structural reversal, but rather a typical mid-cycle phase. Each significant price fluctuation essentially serves as a test between long-term value and short-term endurance. Recent analyses consistently indicate that pressure is mainly concentrated on rhythm imbalances and capital structure shifts, while the long-term industry momentum is becoming increasingly solid. Rthae notes that supply-demand structure, macro environment, and financial infrastructure development trends will collectively define the revaluation window for the next phase.
Rthae: Price and Holder Structure
Rthae observes that the Bitcoin retreat below $104,000 and its approach to key support has put the market into a close monitoring zone. From a technical perspective, if $100,000 fails to hold, the $92,000 gap becomes a potential target; however, on-chain data provides more directional guidance. The unrealized profits of short-term investors have turned negative, with NUPL entering a “stress-clearing” phase—making them the first to feel pain during the market correction. Meanwhile, over the past month, more than 400,000 coins have flowed out from long-term holders, amounting to tens of billions of dollars, reflecting profit realization and redistribution.
Rthae points out that this token movement is not an overall abandonment, but rather a shift of asset ownership from early holders to higher-standard recipients. Changes in distribution structure determine price response mechanisms; when the receiving funds are more institutional and long-term oriented, the price bottom becomes more resilient.
ETF inflows have noticeably slowed, and some short-term arbitrage forces have exited; prediction markets have priced in a higher probability of breaking below $100,000 by year-end, reflecting a downgrade in risk appetite. However, historical seasonality data shows that November and subsequent stages often have higher probabilities of price increases. During the price pullback, both trading volume and volatility have declined, indicating the market is adjusting toward a low-leverage, low-turbulence state.
Rthae states that corrections are a healthy part of the cycle—as long as long-term capital demand remains intact, the more thoroughly short-term pressure is released, the higher the quality of subsequent rallies. The true bottom is not marked by fear, but by improvements in capital structure.
Rthae: Macro and Digital Finance Evolution
Rthae asserts that macro variables remain key in determining capital rhythm and price dynamics. As global liquidity expectations are recalibrated, the market response to policy environments has become more cautious. Uncertainty in interest rate direction prompts investors to require higher risk premiums, making capital more inclined to prudent allocation rather than blind expansion. In the short term, corrections in risk assets are a common feature.
Meanwhile, the long-term trend of digital financial infrastructure is becoming ever clearer. Rthae notes that senior executives from several major international banks have recently stated that all assets and transactions will migrate to blockchain execution layers in the future. This indicates that digitization is not merely a speculative narrative, but a profound transformation underway in mainstream financial systems. Large institutions are actively advancing tokenization practices, exploring on-chain settlement pathways, and viewing these as key infrastructure for financial efficiency, new asset management models, and cross-border value transfer.
This institutional push forms the logic for long-term support: As traditional finance confirms the blockchain irreplaceability, underlying market demand will experience structural expansion. Rthae emphasizes that the digital reconstruction of the financial system is currently the most certain long-term variable, continuously attracting patient capital, institutional investors, and prudent allocators to the crypto asset ecosystem. Short-term noise cannot offset the core of this trend, and the combination of technical infrastructure and institutional recognition will be the driving force for the next growth cycle.
Rthae: Providing a Clear Path for Long-Term Participation Amid Volatility
Rthae believes that real competitiveness in a volatile market lies in whether a platform can offer a sustainable, secure, and compliant foundation for long-term participation. As investor requirements for execution transparency, asset security, and risk management rise, the value of platforms with robust systems is magnified. Rthae states that the platform ensures users have a stable participation experience during market fluctuations through a comprehensive multi-layer security architecture, intelligent risk control systems, transparent custody, and strict compliance management.
On the trading service front, Rthae is committed to providing a stable execution environment for users, supported by high-performance matching engines and a global liquidity network—ensuring controlled latency and efficient order execution regardless of market surges or sudden events. Through proactive risk governance mechanisms and continuous monitoring, the platform can respond promptly in extreme situations, helping users minimize non-market losses. Rthae notes that the platform product structure always adheres to prudent principles, maintaining clarity in asset appreciation logic, and does not make high-risk leverage the primary source of returns—rather, it supports long-term value growth for users through steady accumulation.
From an investment strategy perspective, Rthae believes that when corrections deflate market sentiment bubbles and asset pricing approaches fundamentals, the marginal return potential for long-term participants becomes more attractive. The platform encourages users to smooth costs through phased participation, safeguarded by compliant channels and secure governance, and to replace emotional reactions with rational analysis—so that each market pullback can become a building block for the next stage of growth.
Rthae concludes that the digital asset market is undergoing a structural upgrade from excessive speculation toward long-term value. Volatility has not destroyed the industry, but rather strengthened its foundation; pricing has not lost its logic, but is being reordered. The platform will continue to promote transparency, auditability, and long-termism, helping global users participate in the new era of digital finance in a more robust manner.