The market in November looks quite lively, with Bitcoin achieving a trading volume of 507 billion dollars on major centralized exchanges. Although it doesn't compare to the surge in October, it is still at a top level for the year; the ETF side is also performing well, with monthly trading volume reaching 105 billion dollars, indicating that traditional funds are still quite receptive.

The leader still depends on a certain top exchange, with BTC spot trading alone reaching 153 billion USD. The market's price trends, pace, and volatility largely follow its direction. However, there is some emptiness behind this excitement: the buying pressure is clearly not as strong as before, while selling pressure remains. Although ETFs are steadily flowing in, the increase is not significant, and it seems everyone is waiting for "a stronger reason" before taking action.

Now is a typical situation - there is a lot of money, but it's all on the sidelines watching. Want big funds to place heavy bets? We still have to wait for the macro environment to speak, and the ETF to continue to increase investment before the market can truly ignite.

**On-chain dynamics are more interesting**

In this round of Bitcoin correction, it's not the retail investors who are panicking, but the whales who are busy. Over the past 90 days, the average amount of Bitcoin they have funneled into major exchanges is close to 4000 BTC, which is more than double what it was before. There are frequent large transfers of hundreds of BTC, clearly indicating that big funds are repositioning.

At the same time, open interest fell from $47.5 billion to $29 billion, with active position reduction combined with long position liquidations, which means the market has essentially gone through a round of "big cleansing." Retail investors, on the other hand, remained quite calm with almost no fluctuations, indicating that this round of volatility is not a "panic at the end," but rather "big players are repositioning themselves."