Christmas is coming, and the global financial markets are entering a special "holiday mode." U.S. stocks closed early at 2 a.m. Beijing time on December 25th and will be closed all day on the 26th. Additionally, with the executive order signed by Trump, the U.S. government is also on a three-day holiday (December 24-26), which means the flow of global capital has been temporarily paused.

For global investors holding large sums of money, this period is not only a good opportunity to avoid trading chaos but also an important time to calmly reassess the market landscape and rethink asset allocation strategies. In the current environment of tight liquidity, policy silence, and highly polarized market sentiment, how to make good asset allocations during this "rest period," while avoiding risks and capturing opportunities, has become a question everyone is pondering.

Speaking of liquidity, it is crucial. As the world's largest financial market, the U.S. stock market accounts for over 45% of daily trading volume in the global stock market. Once the U.S. stock market closes, the liquidity supply in the entire global stock market immediately drops significantly. This directly impacts the risk-return balance of stock assets. Especially for high-valuation, highly volatile growth stocks, they are most vulnerable when cash is scarce—short-term valuation correction risks clearly increase. Therefore, during this period, global capital is acting very consistently: reducing stock allocations, especially U.S. related assets, to avoid potential volatility caused by liquidity vacuum.

Interestingly, when stock assets are sidelined, safe-haven assets begin to shine. The contrast is very stark. For participants in the crypto market, this holiday window is also worth paying close attention to.