On the eve of Christmas holidays, traditional financial markets are gradually entering a closed market mode. What does this special window period mean for the crypto market? Let's review the current situation.

**Traditional Market Holiday Schedule**

U.S. stocks close 3 hours early on December 24th, ending trading at 2:00 AM Beijing time, and are fully closed on December 25th for Christmas. Hong Kong stocks also have a half-day session on the 24th, followed by two consecutive days of closure on the 25th-26th, with Northbound trading of the Shanghai-Shenzhen-Hong Kong Stock Connect also suspended. In Europe, Germany and Italy stock exchanges are closed on the 24th, while the UK, France, Spain, and others close early; most major markets are fully closed on the 25th.

**"Dual Opportunities" in the Crypto World**

The 24/7 nature of the cryptocurrency market is indeed amplified during the holiday period. In theory, funds from some traditional markets might shift into crypto assets due to lack of other options, creating potential for short-term volatility. But the reality is much more complex.

**Pressure Factors Cannot Be Ignored**

Year-end liquidity is tightening. Many institutions are engaging in "tax-loss harvesting," simply put, selling underperforming assets to offset taxes — cryptocurrencies are naturally included in this cleanup. Meanwhile, overall market sentiment has shifted toward risk aversion. Funds are flowing out of high-risk assets into traditional safe havens like gold and silver.

More notably, Bitcoin's performance in 2025 has been underwhelming, and the market has reclassified it as a high-risk asset. Against this backdrop, whether the crypto market can absorb significant liquidity during the holiday remains uncertain. Short-term opportunities and risks coexist, and calm judgment is key.