The market performance in these last few days of the year reminds me of the correction at the end of 2017. Back then, institutional investors were also gradually taking a break, and quantitative algorithms were taking over the market rhythm. Tom Lee was right—this period is driven by three forces: automated trading bots, tax-loss selling, and volatility amplified by liquidity drying up.

Looking at CoinShares data, there has been a total outflow of $3.2 billion since October, which is somewhat similar to the night before the 2018 bear market. But this time is different. Back then, institutions were still on the sidelines; now, they are the core participants in the market—their exit itself has become a signal.

This kind of "holiday effect" is actually an old trick. When institutional investors withdraw, the market tends to be dominated by algorithmic trading and retail sentiment, leading to increased volatility, and the bottoms tend to be more solid. So my observation is that under this short-term correction pressure, there are hidden opportunities for institutions to reallocate early next year. History shows that every time large institutions take a collective break, it signals the start of the next rebalancing.

The key is not to be scared by the panic of these few days. This is just the rhythm of the market, part of the cycle.