With the arrival of Christmas, institutions seem to have reduced trading activity... The Bitcoin CB spot premium index continues to show a declining volatility trend, while the funding rate remains positive, indicating that the price drop in the past three days has been primarily driven by selling in the small spot market.

Retail participation has been particularly significant; the rate of decline in the premium index compared to the speed of the price drop is much greater than during previous correction periods, suggesting that the futures market has played a major warning role in the slight decline over the past three days.