The Christmas holiday is here, but the crypto market has entered hibernation mode. Bitcoin prices are holding steady between $87,000 and $88,000, while Ethereum has fallen below $2,900. There are no exciting movements on the candlestick chart; instead, it looks like a never-ending channel.

There are several reasons behind this quietness. When Western markets are on holiday, market makers also take a break, causing trading depth to shrink instantly, and trading volume even hits a six-month low. More troubling is that on December 26 and at the end of December, two large options expirations occurred, with both bulls and bears stuck at the equilibrium point, neither side willing to make the first move to push the market. Additionally, the leverage liquidations after surging to $126,000 in October have bound the entire market.

Interestingly, on-chain data reveals a different story. The number of active addresses has indeed dropped 22% from October's peak, making it seem quite cold. However, long-term holders have not stopped accumulating; they are quietly buying more. This contrast of "cold on the surface, hot at the core" might be a sign of the next trend.

Let's wait and see—after the holidays, as liquidity returns, these silent signals could turn into market triggers.