#以太坊行情解读 This Christmas market sentiment remains quite positive. The S&P index and other US stock indices have reached new highs, technology assets have also surged accordingly, and capital continues to flow into technology ETFs. The Nasdaq closed with a quite impressive gain, however Bitcoin does not seem to have benefited from this rally — it remains around $88,000 and is continuously testing this level.

Some people are starting to reduce their expectations regarding the correlation between BTC and tech stocks. Honestly, in recent days, this correlation has somewhat weakened. But if you look at the K-chart from 2024 to 2025, you can see that Nasdaq and Bitcoin basically maintain a similar trend, and this correlation is quite stable. Conversely, if this correlation is completely broken, Bitcoin could drop even further.
Christmas has arrived, Bitcoin has not yet surpassed $90,000, but it also hasn't dropped sharply. According to market sentiment, investors remain quite calm. This is especially important during the holiday season when trading volume decreases — as long as there are no major incidents, it’s considered a success. The focus will shift after the New Year.
What about on-chain data? As the holiday approaches, the conversion rate and trading volume both decrease, which is very normal. A decline in conversion rate benefits price stability. Looking at the conversion structure, short-term investors are still the main players, while long-term holders are clearly waiting.
The holding situation remains healthy, and it is predicted that in about a month, the support level of the fifth tier will begin to show signs of adjustment. $BTC $ETH $SOL