The two-biscuit exchange rate is temporarily understood as having peaked, with the year-on-year market share of the big biscuit continuing to decrease and about to fall to the low point of 8.5 after that.

Trading enthusiasm is quickly gravitating towards American company tokens like XRP and ADA.

It is similar to what was discussed in the video; currently, there is concern that the price of the biscuit will synchronize with the CME futures price.

There is also concern that market liquidity will worsen, making it unavailable (currently, there isn't enough supply in the spot market to support the big biscuit).

Will this lead American institutions to pause their purchases, waiting for a short squeeze to occur before starting to buy?

For the biscuit, while the market share decreases, it is best if the price can stabilize and oscillate between 930-980, entering a narrow triangular range, but time seems to not allow it. In the three weeks leading up to Christmas this month, there have been almost weekly data and news to stimulate the market, such as Friday's non-farm payroll, Microsoft's shareholder meeting on the 10th, CPI data on the 11th, and the Federal Reserve's interest rate decision on the 18th.

All of these will impact the market direction in the short term. I will continue to hold the short position at 978 in the short term, watching whether 930 will break. If it does not break perfectly, then I will look bullish towards 970; if it breaks, I will look towards the next range of 900-880 (I will stop loss on a rebound and wait for high short opportunities).