Others celebrate holidays with "candlelight dinners," but in the crypto world, it's "candlelight K-lines." However, this time it's a bit different. Talking about this year's Christmas Eve market, most investors are still lamenting that they didn't receive the anticipated holiday gift. Bitcoin is stuck around $87,000, down nearly 30% from its all-time high, while Ethereum is barely holding above $2,900.

The market sentiment index has already fallen to the "extreme fear" level, but a closer look reveals underlying currents behind this panic. While retail investors are panicking and selling off, large institutions are quietly entering the market—this is the game of smart money.

A detail worth noting: an institution associated with a well-known analyst has built a position of 67,000 ETH in the past 24 hours, worth approximately $201 million. This is definitely not a random move but a clear signal of institutional funds in action.

**Where does the pressure come from?**

This morning, as I opened my eyes, the community was full of complaints. The US Q3 GDP data was released at 4.3%, far exceeding the expected 3.3%. Good economic data should be positive, but instead, it became a weight on the crypto market. Strong economic performance suggests the Federal Reserve may slow down its rate cuts, and in a high-interest-rate environment, funds tend to flow into stable assets, putting risk assets at the forefront. Bitcoin subsequently plunged, once touching the support level of $88,000.

On the surface, the market does seem to be weakening.

**But the real story is beneath the surface**

Panic often hides opportunities. When retail investors are driven by emotion to sell off, experienced institutional investors are actually positioning themselves. Besides that large Ethereum purchase, other institutions are also continuously increasing their Bitcoin holdings. This kind of contrarian operation frequently appears during extreme market sentiment, reflecting the advantage of big funds in information.

Historically, extreme fear is often the night before extreme greed. When most people are fleeing, the real opportunity is often waiting right there. This correction could be the golden window for rebalancing positions.