The Christmas market generally belongs to the "year-end closing / funding vacuum period" stage, rather than the main rise. The core is just four words: funding decreases.

• Institutions and market makers start holiday
• Year-end settlement, lock in profits
• New funds are unwilling to enter the market during the holiday.
• Trading volume has significantly decreased

So the essence of the Christmas market is:

Capital stock game + Emotion dominance

In the crypto world, remember one thing: "Without positive news, there is only negative news. The market won't rise on its own; it needs energy to push it up, and positive news can also choose not to rise."