#BTC资金流动性 [December 22 Market Observation]

Here are a few points worth paying attention to in today's market:

**Price aspect:**
$BTC is in a narrow consolidation, with short-term bullish and bearish forces pulling back and forth. Whether the performance during this Christmas weekend can bring some directional sense to the market remains to be seen. $ETH has finally shown some vitality recently, breaking through the 3000 mark, but it still needs to follow the rhythm of Bitcoin. The fundamental data of $SOL continues to improve, with on-chain activity steadily increasing; it just depends on whether it can translate into price increases – you know, sometimes a strong fundamental and market performance are not really the same thing.

**Macroeconomic Environment:**
The Federal Reserve's Harker has sent a more "hawkish" signal: there may be issues with the inflation data in November, and the neutral interest rate should be set higher; there is fundamentally no sight of rate cuts in the coming months, and the market should instead worry about inflation stickiness. This means that short-term liquidity remains tight, and pressure on the crypto market will continue.

**Risk Warning:**
According to reports, North Korean hackers have stolen $2.02 billion in cryptocurrency assets by 2025, setting a new historical high — this reflects that the security measures of exchanges and wallets still have a long way to go.

**Long-term Signal:**
Saylor has again released information on the Bitcoin Tracker, implying the possibility of increasing BTC holdings. Spot gold has broken through $4,350 per ounce (up 0.26%), and traditional safe-haven assets are also warming up.

In the short term, liquidity constraints are observed; in the medium term, the focus is on policy rhythm; the logic of long-term Bitcoin allocation still exists.