On Christmas Eve, major U.S. stock indices collectively celebrate. In the early close trading session on Wednesday, the Dow Jones Industrial Average and the S&P 500 both hit new all-time highs, perfectly stepping into the "Santa Rally" rhythm. Blue-chip stocks are strong—Apple rose slightly by 0.53%, Micron Technology surged by 3.77%, and the narrative around AI hardware remains hot.

However, the story in the crypto sector is completely different. Once synchronized with the U.S. stock market, crypto concept stocks have now fully entered a downtrend. MSTR only barely followed the rally with a gain of 0.53%; COIN dropped by 1.06%; BMNR was hit hardest with a decline of 1.41%. It looks like a "cooling off on Christmas Eve."

The core logic behind this is quite clear. As the U.S. long holiday approaches, institutional funds are consciously withdrawing from high-volatility assets like crypto and shifting toward more stable traditional sectors. This is both a routine risk-off move before the holiday and reflects a deeper issue: with U.S. government agencies about to take a three-day break, the crypto market is about to lose Wall Street as its "stabilizing force," falling into a short-term liquidity vacuum.

The upcoming trend is worth pondering. Without the reference of the U.S. stock market, can BTC seize the opportunity to catch up and break free from constraints? Or will it be "hunted" during this liquidity vacuum? Is this divergence between crypto and stocks a short-term disturbance or a signal of a trend shift? The answer may only be revealed after the holiday.