On November 25th, according to the latest report released by QCP, the crypto market fell yesterday, and more than $100 million of BTC and ETH positions were cleared on major exchanges, but the two are still running steadily above the key support levels of $95,000 and $3,200 respectively. Despite the correction over the weekend, forward volatility remains high. The market expects BTC to remain range-bound until December, while the short-term focus shifts to ETH. 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 related to the potential impact of Trump's pro-cryptocurrency policies, which are not expected to take effect until next year. Recently, the share of BTC market cap fell from 62% to 59%, reflecting the trend that funds may gradually shift from BTC to ETH and other counterfeit products. In addition, today Michael Saylor hinted that he may increase his holdings of BTC. The market is concerned about whether the new round of purchases by MicroStrategy will push BTC to break through the 100K mark. If realized, BTC may further rise, and counterfeit products may be affected in the short term.