【Viewpoint: Bitcoin's Holiday Performance Contradicts the 'Christmas Crash' Hypothesis】 According to a report by Golden Finance, on-chain analyst Ai Yi analyzed the performance of Bitcoin during the Christmas & New Year holidays over the past five years. From December 20 to January 6, Bitcoin's volatility was significantly larger, but the actual price fluctuations, apart from the exceptionally severe one in 2020, were all within 10% in other years. Moreover, in 80% of the years, the price performance of Bitcoin in the following two months was quite good. If the bottom-fishing period is narrowed down to one week after New Year's Day, there is still a 60% chance of profit. Observing the performance of the Nasdaq index over the past five years, the fluctuations during the Christmas period were considerable, yet the overall price changes were not significant. Therefore, it can be inferred that: the end of the holiday will not have a substantial negative impact on Bitcoin from the U.S. stock market. In summary, although this round of the bull market is heavily influenced by the inflow and outflow of BTC ETFs, the Nasdaq index did not show a significant decline during or after the Christmas period, indicating a minimal impact on cryptocurrencies. The price performance of Bitcoin itself further contradicts the hypothesis of a 'Christmas Crash.'

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