PANews reported on November 21 that Ki Young Ju, founder and CEO of CryptoQuant, wrote on the X platform: "The market weakness is greater than expected. If this situation continues, Bitcoin may not see a strong rebound in the next 3-6 months. The real bull market will not start until liquidity recovers next year."

Furthermore, it cited macroeconomic expert @LukeGromen's view that "foreign demand for US Treasuries is weak, and without new liquidity injections, the US Treasury market will become unstable; once liquidity recovers next year, the prices of scarce assets such as gold and Bitcoin should rise."