Macro market analysis on November 11, 2025 Good afternoon, brothers. The market has been fluctuating greatly recently, fluctuating up and down. What exactly happened? Last night, the Federal Reserve cut interest rates by 25 basis points. Powell said in his speech that there will be no future interest rate hikes, it's just a matter of whether to cut interest rates. A wave of positive news for BTC broke through $94000, but it quickly came down! We have analyzed in the past few days and said that we need to stand firm at $9400. We will test it repeatedly. If BTC rebounds, we can clear our spot positions from 97000-102000! The current market situation is uncertain, it's best for us to decrypt the data from the chain (1) The continuous outflow of stablecoins from the exchange indicates that most players have low confidence and are almost losing money. (2) BTC continues to flow out of the exchange, and Binance also flows out more, reflecting that the giant whale continues to attract funds, or it may be buying with the left hand and selling with the right hand. We cannot compare with institutions. These people are not planning for a 1-2 year cycle, but for a 3-5 year or more, similar to a doubling market like gold. So as we previously analyzed, it is currently a turnover period where traditional players' BTC is transferred to institutions and capital, a process full of pains and requiring some time. But from the on chain data, it may only last for 1-2 months. Afterwards, with some policy incentives and the Federal Reserve's interest rate cuts, 2026 will bring about an unexpected market trend. Analysis is only a friendly reference. Adults should take responsibility for their own decisions. Investment carries risks, so please do not take risks or impulsively think and judge independently!