In macro terms, the policy bull market for cryptocurrencies is far from over, and in the near term, the arrival of Christmas is likely to bring about the 'Christmas rally.'

The so-called Christmas rally refers to the phenomenon where the total market value of cryptocurrencies tends to rise around Christmas. Theoretically, this phenomenon is caused by the regular fluctuations in the inflow and outflow of funds. On one hand, as the holiday approaches, most investors will realize profits or clear out minimal profits, leading to a noticeable sell-off; on the other hand, due to risk-averse sentiments surrounding the holiday, funds are likely to exit for adjustments, and buying pressure will also shrink as investors wait for the expectations of the new year. Considering both aspects, the cryptocurrency market usually experiences a slight correction before Christmas, while after the holiday, funds will re-enter, pushing prices up.

According to Coingecko data, from 2014 to 2023, the Christmas rally has occurred 8 times, with the total cryptocurrency market capitalization increasing by 0.69% to 11.87% in the week from December 27 to January 2 of the following year. Only in 2021 and 2022 did it not see growth; in 2021, the Christmas rally occurred before the holiday, with an increase of 6.9%, while in 2022, it was overshadowed by the FTX crisis, resulting in lackluster overall market performance, with subsequent declines of 5.30% and 1.90%, respectively, after Christmas.