December’s macro environment has already stabilized. Japan might raise interest rates, but there’s basically nothing new elsewhere. The Federal Reserve’s third rate cut this year has been implemented, and this week the Bank of England and the European Central Bank will also announce their decisions. However, regardless of their actions, there won’t be any major signals before the end of the month.

The real variable lies in the "closing" phase. The US stock market is approaching the year-end, and institutional investors are busy with year-end account settlements, making large-scale adjustments to their holdings—selling some profitable positions to lock in gains. This is a routine operation every year at year-end. There are also developments in the crypto space: leading institutions like Invesco and BlackRock are also conducting capital liquidation and position reshuffling for their BTC spot ETFs, which may cause short-term market volatility. In short, the macro shocks have come to an end; the remaining market movement will mainly be driven by year-end capital reallocations and the year-end closing process.

The upcoming strategy is very clear—observe. Especially for medium-term traders, caution is essential. Larger medium- and long-term funds need to analyze market trends more meticulously and plan their positions in advance. This time window tests patience and insight.