As Christmas week approaches, will the crypto market welcome trading opportunities or fall into silence? It largely depends on the dynamics of the US stock market.

This week, liquidity has started to noticeably weaken, but the intensity of data has remained high. On Tuesday, the U.S. market will focus on the final value of Q3 GDP, personal consumption expenditures (PCE), and the core PCE price index. These three indicators reflect both economic resilience and inflation conditions, and the market will reprice expectations for interest rate cuts next year based on this. Wednesday will see the initial jobless claims data from last week, which is the last important employment report before the holiday. If it suddenly weakens, it could easily trigger the market to trade in advance on dovish expectations.

It is worth noting that the U.S. stock market closed early at 2 AM (Beijing time) on Thursday and remained closed for the entire day. The decrease in liquidity means that volatility will become more intense, so it's important to manage positions and leverage carefully during this time, and not to get caught in the amplified price swings.

On the same day during the Asian session, the Governor of the Bank of Japan is scheduled to give a speech. Japan has just completed an interest rate hike, but the yen has instead depreciated significantly. The market is concerned about whether the central bank will signal currency intervention and its stance on the subsequent policy path.

To put it simply, the Christmas week is not without market activity; rather, it is a key period where data determines direction and liquidity amplifies volatility. Instead of blindly chasing prices, it is better to let the market clarify its direction first, and then follow.