The turnover rate is still relatively low, which aligns with our assessment of the Christmas holiday. According to American work habits, a full recovery of liquidity is expected to occur after January 6, and prior to that, liquidity will remain at a low level. This also tests market sentiment. Tomorrow is the weekend again, and it is a weekend during the Christmas period, so liquidity is expected to be even worse. It will also be more dependent on sentiment.

From the turnover data, we can see that the panic of earlier investors has calmed down. Currently, the most active participants in turnover have returned to short-term investors. Combining this with the spot ETF data from Thursday, it is possible that American investor sentiment will gradually warm up after the holiday, especially since the transfer of rights is approaching.

Currently, although the price has fallen below $95,000, the support between $95,000 and $100,000 remains strong, and there are no signs of a collapse. Therefore, we do not anticipate major issues for now. The next two days may continue to see fluctuations with rises during Asian hours and declines during European and American hours. We hope there are no significant events during this period.