Christmas Eve this time has a pretty good market sentiment. The S&P 500 hit a new high again, which is not really surprising — a few days ago, statistics showed that large sums of funds have been pouring into a leading fund company's S&P 500 ETF. Such a scale of capital inflow will inevitably have a positive pull on the entire market. From a trading perspective, the Nasdaq index also closed with a clear upward trend.

Interestingly, this rally in the US stock market has also brought some emotional resonance to the crypto market. The pattern of capital flow is very clear: when the traditional financial markets show obvious institutional buying signals, risk assets tend to benefit accordingly. The current question is, how long can this rally last? Looking at historical cycles, during the year-end window, there are usually two trends — either an inertial upward move forming a year-end rally, or high-level oscillation seeking confirmation. Moving forward, attention needs to be paid to the stability of these funds' holdings and whether macroeconomic data can continue to support this round of gains.