As the year comes to a close, the familiar holiday market topics are once again making headlines. But this time, real market data seems to be aligning with the story — the fund flows into Ethereum spot ETFs have recently shown subtle changes.

What's going on?

The previously persistent net outflow pattern over several weeks has begun to loosen, with signs of funds quietly rebounding. At first glance, it might seem like a small signal, but it could imply that the long-standing redemption pressure from institutions is easing, and the market is gearing up for year-end arrangements.

Why is this timing worth considering? Because the "Christmas rally" is never an imaginary phenomenon that appears out of nowhere; it requires solid fundamental support. At the end of this year, the crypto market has indeed gathered several driving forces:

**Macro Perspective**: The Federal Reserve's new round of rate cuts and liquidity policies are underway, and the global tightening pressures are easing. For risk assets like $ETH, this undoubtedly creates a more favorable macro environment.

**Technical Breakthroughs**: Ethereum's recent Dencun upgrade directly addresses layer 2 network cost issues, not only improving user experience but also strengthening ecosystem competitiveness. Technical iterations often mark the beginning of value support.

**Policy Signals**: The upcoming roundtable discussion on SEC's crypto financial oversight signals is about to start. Any moves toward clearer regulation can help stabilize long-term market expectations.

**But Stay Calm**

A rebound in data over a day or two is not enough to prove a trend has reversed, and historical experience is no guarantee of the future. Expectations for a "Christmas rally" this year are no longer as aggressive.

Ultimately, this year's "holiday gift" won't fall from the sky on its own. It is more likely hidden within these substantial changes: subtle shifts in institutional attitudes, key turning points in policy environment, and technical leaps in core assets. Staying observant and rational is perhaps the right way to approach the year-end market.

$ETH