On November 25, according to the latest report released by QCP, the crypto market fell yesterday, and more than US$100 million in BTC and ETH positions were cleared on major exchanges, but the two still operated steadily at US$95000 and US$3200 respectively. Above the key support level. Despite a correction over the weekend, forward volatility remains high. The market expects that BTC may remain range-bound until December, while the focus will shift to ETH in the short term. The ETH Risk Reversal Indicator shows high demand for short-term call options, while demand for BTC call options is concentrated after December 27, 2024, or may be related to the potential impact of Trump's pro-cryptocurrency policies, which are not expected to take effect until next year. Recently, BTC's market value share has dropped from 62% to 59%, reflecting the trend that funds may gradually shift from BTC to ETH and other altcoins. In addition, today Michael Saylor hinted that he might increase his holdings of BTC. The market is concerned about whether MicroStrategy's new round of purchases will push BTC to break through the 100K mark. If it is achieved, BTC may rise further, and altcoins may be affected in the short term.