The US stock market is booming during the Christmas season, precious metals have reached historic highs, but the crypto market has surged and then retreated.

[比推] The performance of the US stock market this week can be described as strong. The S&P 500 closed higher on Monday, completely erasing all losses from December, and is just one step away from achieving eight consecutive monthly gains—this would be the longest winning streak since 2018. Both gold and silver reached historic highs, and platinum is also nearing its historical peak. In contrast, the crypto assets market presents a different picture: after a surge, it began to fall.

Where did this round of rise come from? First, we need to mention last Friday's record “Triple Witching Day”. The expiration of options concentrated on the S&P 500 cleared a large number of long positions accumulated in the 6700-6800 range, which immediately created space for stock prices to rise. At the same time, the VIX volatility index fell below 15, hitting a low not seen since August. The short-term implied volatility continued to be compressed, and market makers shifted from hedging demand to trend-following operations, leading the market into a “slow climbing” rhythm.

The power of seasonality cannot be ignored. Historical data repeatedly shows that the end of the year is usually a strong period for the stock market. Moreover, investors are starting to prepare for an optimistic outlook for 2026—accelerating GDP, expanding corporate profits, and the potential transformation of AI trading, all of which are being written into next year's script. The dovish remarks from Federal Reserve officials are also adding fuel to the fire, claiming that if they continue to hold back next year, there is a risk of recession, which is clearly boosting risk appetite.

From a technical perspective, the next psychological barrier is the 7000 points of the S&P 500. Whether it can hold there depends on the market performance in the coming days.