Recently, market risk appetite has clearly decreased. Bitcoin has fallen below the key support of $88,000, and Ethereum has also declined, with overall trading sentiment being quite cautious.

The pressure mainly comes from two directions. First, the US third quarter GDP data showed better-than-expected performance, leading to a rise in short-term treasury yields, and investors began to worry that the Federal Reserve might delay the pace of interest rate cuts. Second, risk aversion sentiment is spreading, with clear signs of funds withdrawing from risk assets.

The next week will be more exciting. The Deribit platform has over $28.5 billion in Bitcoin and Ethereum options set to expire, a volume large enough to trigger significant market volatility. Coincidentally, the spot ETFs are also diverging—Bitcoin spot ETF saw a net outflow of $142 million yesterday, while the Ethereum spot ETF recorded a net inflow of $84.58 million, making the long-short power comparison quite interesting.

Another concern is the token unlocking wave. Projects like H, XPL, JUP will unlock more than $70 million worth of tokens this week, which could put pressure on the prices of these coins. Overall, the market indeed needs to be cautious of the upcoming fluctuations.