The market during Christmas week seems calm, but in reality, there are undercurrents. The index has taken a breath above 3 trillion dollars, but the real exciting money has already flowed into local battlefields.

1. Hotspots: Funds have started to 'work'

The market's temperature is changing. The biggest engine is the Binance Alpha sector, which has gathered the most keenly sensitive funds:

Leading tokens: PINGPONG, RAVE, ZKP and other tokens have all risen over 50% in 24 hours, with RAVE's cumulative increase exceeding 136% this week.

Sector rotation: The previously hot Meme coins are cooling down, and funds are flowing from pure speculation to narratives with AI and small to mid-cap concepts (like SENTIS, which rose 198% this week). This clearly tells us that the market is looking for new stories.

2. Leaders: A storm brewing in silence

BTC (Bitcoin): In a period of emotional recovery, on-chain panic selling has decreased, but the large number of coins moving to exchanges means selling pressure remains. The market may need to test previous lows again to build a bottom.

ETH (Ethereum): A key positive signal has emerged! Unlike BTC, addresses holding large amounts of ETH, known as 'whales', are continuously accumulating, while the network's activity has reached an annual high. This forms a classic 'smart money divergence', and once the market warms up, ETH may lead the rebound.

3. My trading observations

Faced with this differentiated market, my thoughts are:

Light on large caps, heavy on sectors: Focus on areas with sustained fund inflows (such as Alpha, AI sectors), but be sure to enter and exit quickly, setting stop losses; this is just a structural wave opportunity.

Pay attention to the ETH/BTC exchange rate: The on-chain fundamentals of ETH are stronger; consider gradually focusing on it when its exchange rate against BTC retraces, which might be a smarter choice than single staking.

Be patient and keep your ammunition ready: The market may not have bottomed yet. Retain sufficient ammo; if BTC can deep squat test key support again and trigger panic, that will be a moment worth paying attention to.

In summary, the current phase is a transition from fear to greed for funds, which tests traders' ability to select coins and sense of timing. The market is always changing, and what we can do is closely monitor the flow of funds.