The volatility of the cryptocurrency market today (November 15) is primarily influenced by macroeconomic sentiment, internal market structure, and institutional capital movements.

📉 Macroeconomic risk aversion sentiment is rising
Market expectations for a Federal Reserve rate cut in December have significantly cooled, with the probability dropping from nearly 95% to around 51%. Meanwhile, U.S. tech stocks have faced a sell-off, prompting investors to shift from risk assets like Bitcoin to traditional safe-haven assets like gold.

⚡ High leverage triggers chain liquidation
The market downturn triggered a massive liquidation of high-leverage positions. In the past 24 hours, the total amount of liquidations across the network reached $1.077 billion, involving over 220,000 traders. This forced liquidation behavior exacerbated the one-way decline in prices.

🏛️ Institutional funding support weakened
Data shows that long-term holders of Bitcoin are accelerating their sell-off, with the amount sold in the past 30 days reaching a new high since January 2024. At the same time, the inflow of funds into Bitcoin spot ETFs has also significantly slowed down, causing the market to lose an important support.

I hope the above summary helps you understand today's market dynamics. Please note that the above information does not constitute any investment advice.