Cardano staged a surprising downturn today that caught many bulls off guard. In just one hour, the total amount of long positions closed was approximately $167,850, while short positions only closed $243, highlighting how fierce the market's unilateral trend has been.

Although the cryptocurrency market experienced a rebound earlier, ADA still couldn't avoid the decline, with its price dropping to around $0.35. More painfully, trading enthusiasm during the holiday period has noticeably decreased—trading volume was halved from previous levels to just $380 million.

On Christmas Day, the entire crypto market exhibited typical holiday characteristics: high volatility but unclear direction, with liquidity stretched thin. Traders are now watching two things—first, the large number of expiring options contracts, and second, whether the so-called "Santa Claus rally" circulating in the market will arrive as expected. In such uncertainty, the subsequent trend warrants close attention.