The Christmas season in the crypto world has never been a true holiday — in simple terms, it's the best window for big funds to quietly accumulate behind the scenes.

This morning, I looked at the 4-hour chart. ETH is stuck around 2927, looking just like a tipsy guy in a Christmas Eve bar: wanting to exit but reluctant, wanting to keep partying but with no new stories. Let me highlight this for everyone: the recent market combination punches are very solid — liquidity vacuum, technical bottoming, no news on the message front, three factors stacking together. Don’t expect a big move, but the actions of institutions are quite hidden.

The market phenomena are very straightforward. The 4-hour KDJ shows a candle lying below the D line, resembling retail traders who are reluctant to get out of bed in winter; the MACD’s red bars are very thin, indicating that the bulls have no strength to push — a classic low-volume oscillation pattern. Remember last Christmas? US stock markets were closed, trading volume in the crypto space halved, and BTC and ETH traded within a range for three days. After New Year’s Day, institutions suddenly went all-in and caused a spike. The current trend is almost a replica: Grayscale’s Ethereum Trust sold out $33.78 million yesterday, but a mini ETH ETF quietly bought in $3.33 million — this is the old hand’s routine, surface selling, bottom buying, and reverse operations are always the secret of these players.

The news front seems a bit cold. The US Futures Commission’s classification of ETH as a "digital commodity" has been discussed repeatedly in the market. Now, we just wait to see how institutions will play their cards during the New Year’s period.