On Christmas Day, the crypto market exhibited typical holiday characteristics—light trading and consolidation. Against the backdrop of major global institutional traders taking collective holidays, the entire market fell into a low-volatility state, with the price fluctuations of major assets significantly narrowing.

First, let's look at Bitcoin's performance. BTC faced resistance around $87,000, oscillating repeatedly within the $86,500 to $88,500 range, and failing to break through effectively. According to the Crypto Fear and Greed Index, current market sentiment is in a neutral to slightly weak zone. Ethereum's situation is also not optimistic—its price remains around $2,940, with multiple attempts to break the key resistance at $3,000 unsuccessful, and technical indicators showing clear short-term pressure.

In comparison, altcoins outside of Ethereum performed even more weakly, generally following Bitcoin's downward trend. This reflects an important market characteristic: retail and institutional funds are accelerating their concentration into the top two cryptocurrencies, Bitcoin and Ethereum, making the market’s Matthew Effect increasingly evident.

Interestingly, if we compare the crypto market to traditional assets, the differences become even more apparent. Gold prices have already broken through $4,500 per ounce and hit new all-time highs, with an annual increase of about 71%, while the crypto market has been stuck in a sideways pattern. The two asset classes are showing sharply contrasting trends.

The main reason for the current market calm ultimately comes down to liquidity. The Christmas holiday has caused a sharp decline in trading activity across global exchanges and institutions. In this low-liquidity environment, the market lacks an effective price discovery mechanism, and large orders can easily trigger abnormal volatility. As a result, most traders are adopting a wait-and-see attitude.