#永续合约市场动态 The market during Christmas week is always prone to reversals, and recent data has confirmed this. Seeing Bitcoin perpetual contracts decrease by $3 billion in open interest overnight, and ETH also down by $2 billion, indicates that the market is actively deleveraging rather than blindly adding positions — which is actually a positive signal.

Liquidity contraction during holidays indeed amplifies volatility, but from another perspective, this is a test of market resilience. Historically, Bitcoin's volatility during Christmas week usually ranges from 5-7%, and this Friday, 300,000 BTC options are set to expire. The $95,000 level is the biggest pain point, but open interest in call options remains relatively stable, suggesting the market still holds a limited optimism about the "Christmas rally."

Year-end tax loss harvesting can indeed magnify short-term fluctuations in low liquidity environments, but this is not a bad thing — it cleans out some weak hands. More importantly, historical experience shows that holiday market movements often revert to the mean once liquidity returns in January.

Rather than obsessing over short-term volatility and anxiety, it's better to use this time to focus on studying long-term mechanisms. True Web3 builders have never cared about weekly price swings but about the growth of underlying technology and ecosystems. After the turbulence, clearer trends will always emerge.