The market is a bit cold, but the bull is still alive.

Yesterday, Bitcoin encountered resistance at the $90,000 mark, retracing to the range of $87,300-$87,500, with a 24-hour decline of 2.4%. Ethereum fell below $3,000 and is now hovering around $2,960, with a 1% drop. During the same period, gold prices hit a historic high, reaching $4,380-$4,470 per ounce. Funds are fleeing risk assets and moving towards gold, the traditional safe-haven asset. This signal seems a bit alarming, but to say a bull market reversal? It is still too early.

Institutions are differentiating.

Interestingly, the other side of the market presents a completely different picture. Trump's media company is accumulating in defiance of trends, having purchased another 450 BTC last week, bringing its total holdings to 11,542 BTC. On the Ethereum side, there’s also a large whale, BitMine, quietly increasing its position, having bought nearly 100,000 ETH last week, with total holdings surpassing 4 million ETH. Last week, global listed companies net bought $26.35 million of BTC, and JPMorgan is also considering opening spot and derivatives trading channels for institutional clients.

But there are also those who remain inactive. For example, a certain leading fund did not increase its positions last week. In the market, there are both aggressive whales and observing giants. What does this differentiation mean? It means that the judgment on the future market trend has not yet reached a complete consensus.

The duality of XRP

XRP has recently been on a roller coaster. The good news is that the ETF has seen a net inflow for 31 consecutive days, surpassing the $1 billion mark. Japan's SBI VC is set to launch XRP lending services tonight, which is another supportive signal. But the bad news follows closely: a major exchange plans to delist 9 tokens, including XRP. With the ups and downs, investors must determine for themselves whether this is a washout or a genuine weakening.

What signals is the market sending?

The Ethereum Foundation recently issued a warning about a phishing incident involving 50 million USDT, reminding everyone not to use truncated addresses, as using the full address is safer. The Litecoin official also debunked rumors, stating that the claim that the founder regrets creating LTC is false, and the video is a maliciously edited rumor. These security tips and clarifications may seem trivial, but they reflect how serious the issues of misinformation are during periods of confidence fluctuations in the market.

What to pay attention to next week

On December 26, the options market will face the expiration of $28.5 billion in BTC and ETH. This magnitude of options expiration may intensify market fluctuations in the short term and could become a trigger point for the market.

The panic index is currently at 29, still in the "panic" zone, but not at the bottom stage. The attitude of institutional giants is quite interesting: they believe that 2025 will be the transition period of "retail investors fleeing and institutions bottoming out," and that the market in 2026 is what truly deserves anticipation.

What to do? Stay still for now, and respond to change with consistency. The market needs time to digest; the signals that need to come will naturally arrive.

Disclaimer: Market fluctuations are severe, this information is for reference only and does not constitute any investment advice.