#数字资产市场洞察 The logic of the Christmas market is very interesting—now it’s the wealthy who have the say, and capital is the voice. The increase in institutional ETF holdings is indeed driving the market, and the pricing power in the crypto market is increasingly concentrated among large funds. The rise of $BTC in this wave has already been overshadowed by the voices of institutional allocations over retail. Ultimately, those with sufficient ammunition define the short-term market direction.