Today, the U.S. Q3 GDP growth was announced, and it’s pretty solid, far exceeding expectations. However, the impact on risk markets has been very weak. The main reason is that the market is worried that an overly strong economy will hinder the Fed’s rate cuts in 2026. This concern even prompted Trump to make a speech, with the core message being to trust the Fed Chair to cut rates. Trump seems powerless over Powell at this point, and all that’s left is to wait for Powell’s term to end. In ETF data, it’s been mentioned multiple times that we’ve already entered the Christmas rally. Some investors have started their holidays, and both liquidity and trading volume are showing a clear decline. In this situation, narrow-range fluctuations are highly likely. The market’s buying and selling interest has already decreased at this stage. Tomorrow is Christmas Eve, and trading volume will inevitably drop further. Looking back at Bitcoin data, BTC’s price breaking through $90,000 is still very challenging. Even though trading volume is starting to decline, there’s no sign of turnover rate dropping. Honestly, I’m a bit confused now. I used to think it was just quants moving back and forth, but now it’s clear that trading volume has dropped by over 20%, yet the turnover rate is still rising. What’s all this Bitcoin on-chain activity about? That said, the overall structure of holdings remains stable. There’s no sign of panic among investors, and most holders are still in a wait-and-see mode. Personally, I think the next big change might come when Trump announces the new Fed Chair. @bitget VIP, lower fees, bigger perks!