On November 30th, in the crypto market, it can be said that there was a Rebound as it did rise a bit, but to say it was strong, that really can't be the case—the overall atmosphere was quite subtle.

First, let's look at the price: BTC has climbed to around $91,400, and ETH has finally risen back above $3,000. Sounds good? But don't forget that Bitcoin has already evaporated 36% from its recent peak, so this increase is at most a rebound.

The funding situation is quite interesting. Bitcoin and Ethereum ETFs have recently been attracting capital, and some say that the market is no longer dominated by retail investors; instead, the true decision-makers are the whales and institutional funds. This structural change is having an increasingly obvious impact on price trends.

Regulation in this area is uneven. The domestic central bank keeps reiterating that virtual currency activities are classified as illegal financial activities; meanwhile, the SEC in the United States is actively discussing tokenization and has issued new guidelines for the approval of crypto ETFs. On one side, there is tightening, and on the other, there is loosening, leading to a significant difference in global regulatory approaches.

Each project has its own drama: the CEO of Tether recently clashed with traditional rating agencies; Dogecoin is stuck around a key resistance level; Zcash suddenly surged due to the filing submitted by Grayscale Trust. With the fundamentals and news, what should rise is rising and what should move sideways is moving sideways.

As for the source of this small Rebound? It mainly comes from a slight easing of macro sentiment. The market has begun to bet on the possibility of the Federal Reserve lowering interest rates in December, and this expectation has provided some uplifting space. However, to be honest, relying solely on expectations to support the market can only go so far; further observation is needed.