According to on-chain analyst Ai Yi's analysis, the performance of Bitcoin during the Christmas & New Year holidays over the past five years shows that from December 20 to January 6, Bitcoin's volatility is significantly larger, but the actual fluctuation in price, apart from 2020 which was particularly intense, has remained within 10% in other years. Moreover, 80% of the years have seen a quite good performance in the price of Bitcoin in the following two months. If the bottom-fishing period is narrowed to one week after New Year's Day, the possibility of making a profit is still 60%. Observing the performance of the Nasdaq index over the past five years, there has been significant fluctuation during the Christmas period; however, the overall price change is not large. Therefore, it can be inferred that after the holiday, the U.S. stock market will not have a significant negative impact on Bitcoin. In summary, although this bull market is greatly influenced by the inflow and outflow of BTC ETFs, the Nasdaq index did not show a significant decline during or after Christmas, which has little impact on cryptocurrencies. The price movements of Bitcoin itself are also contrary to the speculation of a 'Christmas massacre'.

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