Christmas holidays, the crypto market has entered hibernation mode. Bitcoin has been fluctuating around 87k, basically bouncing between 85k and 90k throughout December with little progress. The day before yesterday, on Christmas Eve, a major exchange's USD trading pair suddenly spiked to 24k, startling many people, but that was just the result of thin holiday liquidity—an large order hit the order book, causing a temporary glitch without affecting the actual market. It then quickly stabilized back to 87k-88k.

An interesting comparison is that the stock market is hitting new all-time highs, gold has risen over 70% this year, far outpacing Bitcoin. ETF outflows have continued recently, and institutions are probably waiting for clearer signals. Retail traders are on holiday and not very active, so market enthusiasm is quite subdued.

From a technical perspective, there might still be some volatility around options expiration, but this kind of sideways consolidation is quite normal. Careful observation shows that institutions are quietly building positions at lower levels, and regulatory attitudes have been easing—these are positive signals. In the short term, there may be little stimulus, but this is precisely a period of silent accumulation. When liquidity returns, the rebound is unlikely to be gentle.

Based on experience over the past few years, markets have their cycles. When fear spreads, it often presents the best accumulation opportunities. Rest well during the holidays, adjust your mindset, and we’ll see how the next wave unfolds. The market will never be absent; it all depends on who is prepared.