The latest US economic data is quite impressive. The initial estimate of quarterly annualized real GDP growth in Q3 reached 4.3%, far exceeding market expectations of 3.3%, representing explosive growth. At the same time, the initial quarterly annualized core PCE price index stood at 2.9%, in line with expectations, keeping inflation within a manageable range—this combination is a bullish signal for the US dollar and risk assets.

On the risk-averse assets front, gold continues its strong performance. As of the latest quote, gold rose 0.51% to $4,508.73, hitting a new all-time high again, with investors still concerned about macroeconomic conditions.

The stablecoin market shows a divergent trend. Data from December 24 indicates a total outflow of $210 million, with USDT experiencing an inflow of $9 million against the trend, but USDC facing a net outflow of $194 million. The total stablecoin supply remains at $270.391 billion.

It is worth noting the performance of spot ETFs. On December 23, in the absence of data from some major institutions, Bitcoin ETFs recorded an outflow of $31 million, while Ethereum ETFs experienced an even larger outflow of $71 million. In the short term, institutional funding faces certain adjustment pressures.