#美联储回购协议计划 Market Overview of Mainstream Coins

Today is the first trading day after Christmas. Institutions are still on holiday, retail investors have little enthusiasm, and the market feels like it’s been hit with a pause button—liquidity is drying up, volatility is being amplified infinitely, and overall price direction is unclear. In the absence of new news, technical analysis and options expirations have become the driving forces behind small market movements.

The most noteworthy event was what happened this afternoon—a shocking price plunge on the BTC/USD1 trading pair (a new stablecoin pairing) on a certain exchange. On the evening of December 25th, the price dropped from $87,600 directly to $24,100, a decline of over 70%. That said, all of this happened within seconds, and the price suddenly rebounded back near $87,000 as if pulled back by an unseen hand.

It sounds terrifying, but this was not a real market crash. It’s a classic "flash candle" phenomenon—terrible order book depth and virtually nonexistent liquidity. A large sell order comes in, quickly breaking through the buy orders, causing the price to deviate wildly. However, the prices of Bitcoin on other mainstream trading pairs remained steady around $87,000, unaffected.

What is the key warning here? Trading on pairs or small coins with thin liquidity is extremely risky—especially during holidays. This is not alarmist talk, but a real-world lesson.