During this end-of-year period, the crypto market exhibits clear characteristics—many institutional investors choose to pause, and market influence is taken over by quantitative programs and trading robots. In the last few days of December, you can see two forces at play: one is algorithm-driven automated trading, and the other is tax-related stop-loss selling. These factors combined create the typical rhythm of year-end trading. Some say this is the essence of the "holiday market"—absence of institutions, scattered funds fighting their own battles, making the market more susceptible to being led by quantitative strategies.