In November 2025, the crypto bear market is in full swing: Bitcoin has lost a good portion of its annual gains, with heavy institutional ETF outflows, leveraged liquidations, and macroeconomic weakness. Although the risk of further declines in the short term is real, there are on-chain signals suggesting a possible stabilization. In the medium to long term, structural fundamentals such as institutional adoption, Web3 innovation, and real demand could support a recovery, but it is neither guaranteed nor immediate. We recommend managing risk carefully, using reliable platforms (like WEEX), and closely monitoring flows, on-chain metrics, and macroeconomic developments.