Christmas is approaching, but it seems the crypto market is facing a 'winter'? With institutions on holiday and exchanges closed, what impacts will this have on market liquidity? As Christmas draws near, the entire crypto market appears to be immersed in a festive atmosphere. However, this festive calm has brought significant changes to the market. The institutional holidays over the weekend have led to a notable decrease in market liquidity, and the upcoming Christmas holiday has many American investors entering an extended break, which is expected to last until around January 5. During this period, market liquidity may further shrink, undoubtedly adding more uncertainty to price movements. Major exchanges in Europe and America will be closed during the Christmas period, and market funds typically tend to flow out during this time. The outflow of funds from spot ETFs, as a major external funding source for the crypto market, will certainly put considerable pressure on the market. Meanwhile, the market's risk-averse sentiment appears particularly strong. Of greater concern is that due to the funding tightness during the Christmas holiday, the market may undergo deleveraging before Trump's inauguration. This means some investors may choose to reduce their risk exposure before the holiday, further exacerbating market volatility. This series of changes undoubtedly casts a shadow over the market, making investors more cautious and concerned. The arrival of Christmas brings significant challenges and uncertainties to the crypto market. But regardless of how the market fluctuates, we should remain calm and rational. Feel free to share your views and predictions about the market in the comments section.