The recently announced GDP rise for the third quarter in the United States is quite good, far exceeding expectations, but its impact on risk markets is very weak, mainly due to concerns that a too strong economy will hinder the Fed from cutting interest rates in 2026. This concern has even prompted Trump to make a statement, the essence of which is to demand trust in the Fed Chairman regarding interest rate cuts. Trump feels powerless against Powell now; all that is left is to wait for Powell's term to end.

The ETF data has repeatedly mentioned that we have already entered the Christmas market, and some investors have already begun their holidays. Liquidity and trading volume have also started to show a significant decline. In this situation, narrow fluctuations are highly likely. The willingness to buy and sell in the market has decreased at this stage, and tomorrow is Christmas Eve, so trading volume will inevitably decline further.

Looking back at BTC's data, the price of BTC struggling to hit $90,000 is still very difficult. Even though the trading volume has started to decline, there's no sign of a decrease in turnover rate. I'm a bit confused now, as I used to think it was the quant traders running around. Now, the trading volume has clearly dropped by over 20%, but the turnover rate is still rising. What are so many Bitcoins on the chain doing?

However, the overall structure of the chips is relatively stable, and there are no signs of panic among investors. Most holders remain in a wait-and-see attitude. Personally, I think the next change may start from Trump announcing the new Fed chairman.