Binance Research reports a 15.43% decline in the total cryptocurrency market capitalization for November. Bitcoin spot ETFs experienced a record net outflow of over $3.5 billion during the month. In contrast, newly launched ETFs for Solana (SOL), XRP, and Litecoin (LTC) recorded net inflows. The Federal Reserve is set to conclude its balance sheet reduction in December and may begin purchasing $20-25 billion in U.S. Treasuries monthly next year, entering a "light QE" phase, which is seen as a potential liquidity boost for Bitcoin. Meanwhile, shares of Strategy and Bitmine plummeted by 36% and 38% respectively in November, amid increasing valuation and regulatory pressures on digital asset trading (DAT). These companies face liquidation risks if they fail to generate returns or integrate into their core businesses. The market may see a brief rebound window due to thin holiday liquidity.