On Christmas Eve, the bells have not yet rung, but the chill has already permeated the market. The festive atmosphere seems unable to alleviate the gloom in the market; U.S. stocks are closed, liquidity is declining, and some worry that under the dominance of market sentiment, there will be a deeper drop, prompting some to choose to exit early to avoid this wave of 'Christmas disaster.'

The key is still to look at tomorrow's Asian and European sessions. If they can maintain stability, even if the U.S. market is closed, there may not be any major issues. Only after a period of consolidation will the sun shine after the storm. However, if the Asian session shows weakness and the European session passes on the panic, Christmas may turn into a 'dive festival.' At such times, capital flow becomes particularly important.

As Bitcoin pulls back at midnight, and Ethereum exhibits a recovery pattern, some fans ask if the altcoin season is coming and whether it is time to buy the dip. My answer is: the altcoin season will definitely come, but it will never start in times of panic. If Bitcoin is falling sharply, is large capital going to buy altcoins for safety? This is clearly unrealistic. The real altcoin season often coincides with Bitcoin trading sideways or slightly rising, with market sentiment high and profit-making effects spreading. The current market environment is more of a 'false climax' amid small fluctuations, not enough to unveil the altcoin season. Even if altcoin prices rise briefly during Christmas, it is mostly an emotional rebound and does not indicate the start of a trend.

According to historical patterns, a volatile pullback usually lasts for 2-3 weeks. Last week saw a surge followed by a pullback, and this week is still in a pullback phase. However, this does not mean the end of a bull market, but rather a buildup of strength for the next round of increases. Looking back in the short term, coinciding with Christmas, capital inflows are slowing down. In the short term, it is advisable to maintain a volatile approach without chasing a one-sided trend too deeply. Managing the current market situation well will allow for a longer-term view. In terms of operations, we should focus on shorting at high levels during this round of pullback, with short-term attention on whether the support around 92,000 will hold.

Christmas is a day full of expectations for miracles, but in the investment market, miracles only belong to those who make good plans. In a sentiment-driven market, rationality is a scarce mindset. May this Christmas, our positions remain as steady as a pine tree in the snow, rather than withering like leaves in the cold wind.