The cryptocurrency market experienced a significant downturn in November, with a decline of over 20%, marking one of the most severe months for fund outflows since the launch of ETFs. The global economic landscape and policy shifts have further intensified market volatility. Traditional financial institutions, with the exception of Morgan Stanley, remain optimistic, viewing ETF inflows as a long-term growth driver and an irreversible trend in institutional allocation. In contrast, crypto-native entities and traders like Yi Lihua and PlanB express bullish sentiments. However, BlackRock has reportedly been transferring large amounts of Bitcoin and Ethereum to Coinbase for sale, indicating a more cautious approach.