The overall market sentiment on Christmas Eve is quite good, with the S&P 500 once again breaking through its historical high. This result was anticipated, as I wrote a couple of days ago about the significant influx of funds into the $VOO, the Vanguard S&P 500 ETF. A large amount of capital entering the market will certainly have a positive impact, and the Nasdaq also saw a nice increase at the close. Although $BTC did not benefit from this surge, its correlation with tech stocks has kept Bitcoin oscillating around $88,000.

I know many friends are not optimistic about the correlation between BTC and U.S. stocks, believing that BTC will struggle to maintain a high correlation with tech stocks. Indeed, the correlation has weakened in recent days, but looking at the trends for 2024 and 2025, it is clear that QQQ and BTC maintain a strong consistency. I also believe that if this consistency disappears, BTC may decline at a faster pace.

Tomorrow is Christmas, and although Bitcoin still hasn't surged past $90,000, there hasn't been a significant drop either. At least for now, investor sentiment seems stable, which is very important during periods of low liquidity. No unexpected issues is a good thing, and we will see what happens after New Year's.

Looking at Bitcoin's own data, as the Christmas holiday approaches, both turnover rate and trading volume are declining, which is a very normal situation. The decrease in turnover rate is helpful for the stability of the $BTC price, and from the turnover perspective, short-term investors are still the main force, while earlier investors are clearly in a wait-and-see mode.

The chip structure is also relatively healthy, and it is estimated that in about a month, the fifth support level will need to be adjusted. I won't say much more, and I wish everyone a Merry Christmas.

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