The S&P and Dow Jones both hit new records yesterday, and the "Santa Claus rally" on Wall Street arrived as expected. But something interesting happened—the crypto concept stocks, which usually move in tandem with the broader market, surprisingly lagged behind.

Looking at yesterday's market performance makes it clear. Traditional blue chips were lively, with Apple rising 0.53%, and Micron soaring 3.77%. The AI hardware narrative remains hot. But what about the crypto sector? MSTR only barely increased by 0.53%, COIN simply fell 1.06%, and BMNR fared even worse, plunging 1.41%. This "divergence" is definitely not a coincidence.

Institutional calculations are clear—since the US government is on a three-day holiday, liquidity will be tight. Instead of passively enduring high volatility before and after the holiday, it’s better to adjust positions in advance to avoid risks. All of this points to one conclusion: the crypto market has officially entered a "vacuum period."

The key question now is: how will BTC behave in this situation? Will it seize the opportunity of Wall Street's "absence" to make a rally? Or will it face hunting in the liquidity vacuum? There’s no standard answer in the short term, but one thing is certain—the trend over these three days could very well mark a turning point for the year-end market.