#大户持仓变化 The macro outlook for December honestly doesn't have any big events. Japan might take some action, but other central banks have no new moves—The Federal Reserve has already completed three rate cuts this year, the European Central Bank and the Bank of England might cut or hold steady this week, and then that's it. There will be no major news capable of stirring the market before the end of the year.

The real main event is the "year-end cleanup" show. The US stock market is wrapping up its annual performance, and large institutions are busy with year-end liquidation and settlement—selling profitable positions to lock in gains. Major asset management firms like BlackRock and Invesco are also closely following, as their ETF holdings need to be readjusted, and funds need to be cleaned up accordingly. During this process, the short-term market will definitely experience some fluctuations.

The macro uncertainties have basically played out, and the next variables are institutional fund reallocation and the tug-of-war around the year-end line. These two factors will dominate the rhythm of US stocks and the crypto market in the coming weeks.

For medium-term players, this period is all about waiting and observing. Larger funds holding medium- to long-term positions should pay even more attention—every small market fluctuation might reveal the true intentions of institutions, and the window for fine-tuning your strategy is right in front of you.