Christmas holiday market conditions have always tested people's resolve. During the market closure, trading volume is naturally thin, and even a slight fluctuation in BTC can cause altcoins to be the first to react. This is a typical response of risk assets in liquidity distress.

But upon closer examination of the current situation, the story isn't that simple. While many are shouting bear market everywhere, I see another scene: institutions are still continuously buying BTC, while retail investors are cutting losses and fleeing from altcoins. This divergence—institutions bottoming out and retail investors selling at the top—is actually a common feature in the late stage of a bull market, not a sign of a bear market beginning.

Once the US stock market reopens, the flow of capital will resume into the crypto market, and this correction will likely have bottomed out. The key now isn't trend reversal but who can endure until liquidity becomes active again.