#加密市场反弹 In terms of macro direction, the policy bull market for cryptocurrencies is far from over, and in the near term, this rebound should be the starting point of the next wave in the upward process. The theoretical analysis indicates that the reason for this phenomenon is the regular fluctuations in the inflow and outflow of funds. On one hand, as the year-end approaches, most investors will realize profits or clear minimal profits, leading to a noticeable selling pressure; on the other hand, due to the risk-aversion sentiment associated with the holiday season, funds tend to exit for adjustments, resulting in a contraction in buying pressure as they wait for expectations in the coming year. Combining both aspects, the cryptocurrency market typically experiences a slight pullback, and after the holiday, funds will flow back in, driving prices higher.

According to Coingecko data, from 2014 to 2023, in the ten-year period, the total market capitalization of cryptocurrencies during each halving bull run has almost always increased from December 27 to the following February, with only 2021 and 2022 not achieving growth, which is merely an exception!