Currently, major global financial markets and central bank officials remain in the Christmas silence period, with no significant macroeconomic data or policy statements released. The previously troubling "global liquidity tightening narrative" has been temporarily put aside. However, this does not mean that macroeconomic pressures have disappeared; the global real interest rate environment remains high, objectively suppressing the valuation of all risk assets, including cryptocurrencies. It is worth noting that the current crypto market has diverged from traditional risk assets. The US stock market has experienced a "Christmas rebound," hitting new closing highs repeatedly, and gold is approaching historical highs. However, crypto assets have failed to attract defensive capital inflows and continue to be under pressure, highlighting their ongoing marginalization by some funds. The market is waiting for the holiday to end to reassess the policy paths of major institutions such as the Federal Reserve and the Bank of Japan.

"Do not act frequently; wait for the right moment." When it’s not the time to move, resolutely refrain from action—not as giving up, but as restraint; when it’s time to act, take decisive action—not impulsively, but with confidence. The market is never short of opportunities; what is lacking is the discipline to stay true to oneself amid turbulence, and the wisdom to remain clear-headed amid chaos.
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