Merry Christmas. This important Western holiday is actually a key time point for the crypto circle. Historically, whenever major holidays approach, liquidity pressure becomes evident—year-end clearing, asset management institutions adjusting their positions—all lead to a noticeable correction trend. Although this round of decline came slightly earlier than in previous years, it still fundamentally belongs to the typical "holiday market" pattern.

Why does capital tend to flee at the end of the year? Ultimately, it is due to institutional annual clearing needs. But from another perspective, the period after Christmas signals a relief in capital pressure. The real test is actually New Year’s Day, which is the peak period for fund liquidation. Interestingly, many historical bull market initiations have coincided with the period before or after the Spring Festival—taking advantage of most retail investors being on holiday and not watching the markets, while institutions quietly accumulate positions. Combined with recent oscillation patterns, the probability of prices retesting support levels remains high, which is why the "buy only, sell none" logic currently holds.

Another noteworthy detail is the continuous devaluation of USDT. Besides the inherent negative premium of Tether itself, the fundamental driver is the appreciation pressure of the RMB against the US dollar. In the long term, holding dollar assets actually faces less pressure—inflation cycles are now a certainty, and for investors like us, dollar liquidity pressure can even be an opportunity. Short-term fluctuations should not be over-interpreted; the key is to seize the window of capital mismatch at the right nodes.