#ETH走势分析 November 29, 2025 Crypto Market Observation: Bull vs Bear Battle and Capital Underflow

Market sentiment is subtly shifting. The panic index has risen to 28, finally shedding the label of "extreme fear," but the funding rates on mainstream trading platforms are still leaning towards the bears—this split signal often indicates a window of change.

**Whales are moving quietly**. A large holder dumped 2 million U into HyperLiquid, directly going long on SOL with 5x leverage; another whale swept up 25.56 million ENA in four days, and the account still has 5.78 million U ready to increase the position. BlackRock's address consumed 16,629 ETH and 300 BTC within 10 minutes, and a wallet suspected to be BitMine also increased its holdings by over 20,000 ETH. Most exaggeratedly, a certain address deposited over 13,400 ETH into a leading platform within two weeks, with a single transaction of 5,000 ETH—what calculations are behind these actions?

**Stablecoins are experiencing explosive growth**. Circle has minted 500 million USDC, and together with Tether, the two have issued a total of 17.75 billion USD after the plunge on "1011". American banks are even testing custom stablecoins on the Stellar network, extending the reach of traditional finance deeper and deeper.

Institutional level shows unevenness: A compliance platform's listing roadmap has added Rayls(RLS), but CoinShares suddenly withdrew its plan to launch XRP, SOL, and LTC ETFs in the U.S. However, the XRP spot ETF attracted $22.68 million in a single day, showing a relatively strong performance.

Arthur Hayes remains stubborn, reiterating the target of $250,000 for BTC by the end of the year. CME data shows that the market gives an 86.4% probability for the Federal Reserve to cut rates by 25 basis points in December—macroeconomic narratives are still supporting the bullish sentiment.

There is an interesting detail on the technical level: an analyst from a certain platform pointed out that improvements in mining pool technology have allowed individual Bitcoin miners to return to the battlefield, and the distribution of computing power may be reshaping. In addition, BNB Chain has extended the zero-fee transfer activities for USDC and USD1 until December 31, allowing small investors to take advantage of it for a little longer.

To be honest: Whale Alert detected 20,000 ETH flowing from Upbit to an unknown wallet (6121 million USD ). Such large movements are usually not a good sign. At this position, both bulls and bears are waiting for the other to blink first.

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