2025-12-23 06:27:38

This is not a market analysis; to put it simply, it is a "review of holiday capital behavior."

The core judgment given by market observation institutions is very straightforward - liquidity has significantly contracted during the Christmas week, and the crypto market has fallen into a range-bound fluctuation. In plain language: it's not that the bulls and bears have lost their ideas, but rather "no one wants to make big moves in these few days."

**The most important point: the market is deleveraging, not increasing positions**

Data speaks the loudest. Overnight, the open interest of Bitcoin perpetual contracts decreased by about 3 billion USD, and the open interest of Ethereum perpetual contracts shrank by about 2 billion USD. What does this mean? It's not new money entering the market, nor is it large players building positions, but rather old players actively reducing risk, closing positions, and waiting for the holiday to pass. This is referred to in the industry as "pre-holiday clearing."

**Why is gold hitting new highs while Bitcoin is consolidating?**

This is a good question. The answer is actually quite simple—gold is supported by macro capital, which does not take holidays and continues to have buying support; whereas Bitcoin is a trading asset that is particularly sensitive to liquidity and time windows. When traders, market makers, and hedge funds start to take holidays, reduce positions, and stop quoting, Bitcoin's most natural reaction is to go sideways. This is not a bear market, but a normal market reaction.

**The real risk is actually in the options market**

This is the most noteworthy aspect of Christmas week. The options market is set to expire this weekend, and this time window often conceals uncertainties. When liquidity contracts, traders go on holiday, and large positions need to be rolled over, the volatility in the options market tends to amplify. Instead of fixating on the ups and downs of the spot market, it is better to pay more attention to the movements in the options sector—this is the true reflection of the market's real intentions.

BTC1,66%

ETH2,15%

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FloorSweeper

· 2025-12-26 04:48

Basically, no one wants to play, just waiting for the holiday to end. Options are the key, focusing on spot is pointless. Deleveraging means waiting; there's not much opportunity in this wave. Why can't gold rise with BTC? Honestly, the liquidity gap is too big. Pre-holiday clearing is indeed common; seasoned traders understand this. 30 billion in open interest has run away, indicating everyone is scared. Instead of chasing price swings, look at options—that's the real player's game. When liquidity contracts, you can tell who's swimming naked. Taking big actions now just makes you the bag holder; smart people are waiting.

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StrawberryIce

· 2025-12-24 06:39

I understand the pre-holiday clearance wave, everyone is just lying flat and waiting for the holiday to end. But the options market is really prone to sudden crashes, we need to keep a close eye on it. Agreed, liquidity shrinks easily lead to sell-offs, who dares to hold large positions before the holiday. The contrast between gold and Bitcoin is interesting—one keeps rising even while sleeping, the other halts trading completely. The difference is so big. Options expiring over the weekend... this is the most likely time for surprises, history has shown many times how things break this way. Spot prices are consolidating normally, actually the options side is more worth paying attention to; the real risks are in the details. Basically, it’s just waiting for people to come back, nothing major. Perpetual contracts have shrunk by 5 billion... it feels like defusing a bomb, no one wants to get liquidated during the holiday. The gold situation is indeed interesting; macro funds are not taking a break, that’s what keeps the market stable. The options market is definitely prone to amplifying volatility, we need to be cautious.

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FreeMinter

· 2025-12-23 06:57

Options expiration is where the real action is, the Spot market is just going sideways this time.

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CryptoMotivator

· 2025-12-23 06:57

To put it bluntly, the Large Investors are running while the retail investors are still daydreaming. This wave of clearing before the festival is indeed harsh. We really need to keep a close eye on the Options, as the expiration date is often played like this. Just watch the show. Comparing gold and Bitcoin from this angle is good; the poor liquidity is just like that, we have to wait for the office workers to come back. With so many contract liquidations, those who are truly smart have already withdrawn, and what's left are just waiting to be beaten up. By benchmarking against gold, we can see that Bitcoin is still too tender; institutional funds are truly the ones in charge.

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GateUser-a180694b

· 2025-12-23 06:57

You are right, clearing the market before the festival is indeed the case, and the old players are all running away. The risk of getting liquidated in options is indeed easy to overlook. The comparison between gold and Bitcoin is interesting, but it feels like it's still a liquidity issue. Deleveraging by 3 billion dollars looks quite fierce. This wave is indeed not a bear market signal, it's just a matter of time.

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QuietlyStaking

· 2025-12-23 06:29

Wait a minute, I need to think about this logic... If liquidity shrinks, it goes sideways, then the options expiration actually has risks? It feels like something is off.

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