#市场情绪与链上结构 Christmas holidays are approaching, and the market is entering an interesting "hibernation period" — this time not because of a bear market, but because institutional investors are on vacation. Look at these data points: implied volatility has fallen by over 5%, the proportion of block trades has increased, and over 50% of options positions are waiting to expire… Behind these on-chain structural changes, there is actually a deep consensus — in the next half month, the market is likely to remain flat or gradually decline.

But do you know? I think this is precisely a great window for observation. When the market's noise subsides and volatility decreases, we can see the true fundamentals more clearly — which projects are quietly building, and which communities are continuously deepening. Low volatility is not a bad thing; it gives us space to think.

Rather than worrying about short-term fluctuations, it’s better to use this relatively calm cycle to study the long-term mechanisms of Web3. DeFi liquidity, DAO governance, the future of SocialFi… all of these are evolving quietly. When a new cycle begins, those who are deeply involved and understand will often seize the best opportunities.

Enjoy a good holiday, and the market will be waiting for us when we return.