The entire market has been like hitting the pause button in recent days. Bitcoin has tested around $86,375 again, then turned around and pushed towards $88,000, but the rebound momentum is somewhat weak—reminiscent of the laziness of weekend lie-ins. Ethereum's situation is even more difficult, repeatedly hovering around $2,940 without breaking through the $3,000 barrier.

Currently, with the Christmas holiday, the fund flow data for the US Bitcoin spot ETF has stopped updating, removing a key window for observing institutional positions. The trading volume on exchanges is also miserable, shrinking by more than 45% month-on-month. In such a low liquidity environment, even a slightly large order can cause the price to become volatile.

Looking at the charts, Bitcoin is basically oscillating within a narrow range of $86,000 to $88,500, while Ethereum is also testing between $2,880 and $3,000. In industry jargon, this is called "range-bound trading," simply put— the market has started to doze off.

The futures market performance is even more straightforward. Speculative funds are actively closing positions rather than seeking new opportunities. The open interest for BTC and ETH perpetual contracts on major exchanges has significantly shrunk, and market risk appetite is rapidly declining. The Fear and Greed Index is also expected to remain in the "fear" zone. Interestingly, when everyone is afraid, it’s often the moment that tests the most willpower.

Another detail worth noting is that 300,000 Bitcoin options are expiring on Friday, with a notional value of $23.7 billion. Such data can usually reveal the market participants' true expectations for short-term prices. Calm waters run deep, and beneath the winter, perhaps the next wave of market movement is quietly gathering strength.