Bitcoin held steady around $70,000 despite a surge in sell pressure from altcoins, with trading volume reaching $81 billion. A long-term holder transferred $228 million in Bitcoin to Kraken, while MARA Holdings moved another $58 million to FalconX and Coinbase Prime. Ether dropped 3.4%, contributing to a 0.66% decline in the CoinDesk 20 index, and the altcoin season index fell to 26/100. While many altcoins suffered losses, Cosmos (ATOM) and zcash (ZEC) managed to post gains. In the derivatives market, over $600 million in leveraged crypto futures positions were liquidated, primarily from long bets. Open interest for Bitcoin, Ethereum, and several other cryptocurrencies saw mixed trends, with Bitcoin futures open interest falling to its lowest level since September. In contrast, capital flowed out of XRP, ETH, and other altcoins. Notably, call spreads and strangles dominated block flows on Deribit, with one significant trade involving a $90,000 put option expiring on November 28. Base founder Jesse Pollak announced plans to launch a new token called JESSE, which has drawn skepticism due to his past attempts with "content tokens" that quickly lost value. While he argued that the new token would enhance creator engagement, the broader memecoin market continues to struggle, with the CoinDesk Memecoin index down over 40% since September. Overall, the market reflects a mix of anxiety and cautious optimism, as indicated by the Crypto Fear & Greed Index remaining in "extreme fear" despite Bitcoin's recent recovery.