As Christmas and New Year approach, the enthusiasm in the cryptocurrency market seems to be cooling down. Last Tuesday, a set of data revealed the clues: Bitcoin spot ETF experienced a net outflow of $188.6 million in a single day, with BlackRock's IBIT showing the most significant decline; Ethereum spot ETF also faced a net outflow of $95.5 million, contrasting sharply with the previous day's net inflow of funds.

What is behind this wave of selling? Industry insiders point out that year-end market mechanisms are at play. Factors such as insufficient liquidity, portfolio rebalancing, and profit-taking are intertwined. Additionally, many investors choose to exit with profits and complete tax arrangements at year-end, which also increases selling pressure.

However, this is not all pessimistic signals. It is worth noting that not all crypto assets are retreating. Ripple and Solana spot ETFs have attracted capital inflows, indicating market divergence—some investors are exiting while others are selecting specific assets.

In contrast, the U.S. stock market on Tuesday showed a different scene. The S&P 500 index hit a new all-time high again, and the U.S. stock market advanced across the board. With the market closing early on the 24th and Christmas holiday on the 25th, the true turning points may only emerge after the long holiday. The release of economic data and market response rhythms will be key windows to observe the market trend at the beginning of 2026.