Analyst: ETF net outflows and macro data suppress sentiment, Bitcoin "moderate rebound" continues.

On November 25, Bitcoin continued to rebound to the $88,000 level, with the entire crypto market cautiously rising ahead of a series of delayed U.S. macro data releases. Since the beginning of the week, BTC has oscillated between $85,000 and $89,150, extending the recovery trend from the weekend, and the total market capitalization of Crypto Assets has returned to approximately $3.07 trillion. Ethereum stabilized around $2,900, while Solana rose nearly 6% to around $136, supported by the continuous rotation inflow of Spot ETFs. However, overall market sentiment remains cautious, with large-cap coins leading the rebound, while mid-cap tokens still performed sluggishly after a large-scale deleveraging last week. Monday's ETF data again showed divergence: Bitcoin ETF had a net outflow of $151 million in a single day, continuing the risk contraction trend for several weeks; Ethereum ETF had a net inflow of $97 million; Solana ETF had a net inflow of $58 million. Notably, Solana ETF has maintained a net inflow for 20 consecutive days since its launch, completely countering market worries. Despite this, the overall crypto fund market remains under pressure. In the past week, global crypto ETPs experienced a large-scale net outflow of $1.9 billion, marking the third worst weekly performance since 2018. BRN Research Director Timothy Misir stated that this reflects a broader risk pattern: Bitcoin remains the primary “de-risking” tool, while ETH and SOL have become structural rotation targets for long-term funds.