On December 1st, there is an interesting phenomenon - the traditional "Christmas rally" on Wall Street may be doomed this year.

Amy Wu Silverman from RBC Capital Markets noticed that there has been a strong bearish sentiment in the options market recently, with many investors rushing to buy downside protection. On the other hand, Omar Aguilar from Schwab Asset Management also offered an observational perspective: after the government shutdown, the newly released macro data has been a bit chaotic, and the leaders in various sectors have started to shift positions, which is actually a quite obvious sign of rotation.

The fluctuations in this traditional market are not isolated events for the crypto market, as changes in capital flow and risk appetite often transmit over.