Can the Christmas rally continue into mid-January? The key still depends on how Bitcoin's massive options expiration on December 26th unfolds. Before the expiration, market direction is not clear enough, and the true definitive trend will only emerge after the dust of the expiration settles. The holdings movements of major institutions and the tightening or loosening of funds—these will all be reflected at this options expiration point. Short-term fluctuations are inevitable, but the overall direction confirmation requires this expiration to break the deadlock.