Santa's sleigh seems to have been loaded with the wrong gifts this year. The crypto market didn't deliver the holiday rally everyone expected; instead, it ushered in the coldest period of the year.

As the mainstream financial markets in Europe and America hit the pause button for the holidays, the undercurrents in the crypto world continue to flow. This morning, Bitcoin once again fell below the $87,000 mark, Ethereum struggled to stay near $2,900, revealing the market's fragility. Unlike previous years' "Santa rebound" rumors, December's crypto atmosphere is particularly subdued.

**Where did the liquidity go?**

During Christmas, major exchanges in Europe and America closed, causing a sudden shrinkage of the global liquidity pool. This is not just a matter of timing—market depth is disappearing. On Christmas Eve, a major platform's BTC trading pair suddenly plunged to $24,000 in a flash crash, with a single sell order capable of causing a huge ripple.

Data further highlights the issue: spot Bitcoin ETFs experienced a net outflow of $175 million on December 24th alone. What does this indicate? Institutional investors are also choosing to stay on the sidelines during the holidays, and market buying support is severely lacking.

**The macro trend is also shifting**

Adding to the complexity is the Federal Reserve's stance—"no rate adjustments before spring"—which completely dispels any hopes of rate cuts. The hawkish signals from traditional finance, combined with liquidity exhaustion in the crypto market, create a double pressure.

This Christmas season tests not only how far prices can fall but also the true resilience of assets under extreme conditions.