The current market has already reached the end of an extreme consolidation phase. Frankly speaking, any slight movement could become the trigger for a breakout.

Yesterday’s on-chain data remained lukewarm—whale addresses net inflow of about 200+ coins, with little market fluctuation. Even more disheartening is that the overall liquidity in the market is actually quite poor. Retail investors have long since exited or are on the sidelines, leaving a large amount of chips firmly held by new players on Wall Street, making the entire market susceptible to small inflows and outflows. That’s why you see so many "false breakouts."

In this situation, all we can do is hold our breath and wait. Either wait for the price to break out of the range, or wait for a big drop followed by a false breakdown and immediate rebound—when you see this opportunity, you need to act decisively. During these dull days, trading contracts to pass the time is also an option; after all, the New Year is not far off, so waiting and playing around is no problem.

Additionally, there is an interesting signal—spot ETF net inflow of 355 coins yesterday, a turnaround after 7 consecutive days of net outflow. If this positive trend can continue, it should be taken seriously, because spot ETFs have always been a key driver in pushing prices higher. The future direction depends on whether the ETF can maintain this momentum.