Bitcoin faced a sell-off at the beginning of December after trading sideways during Thanksgiving, mainly influenced by macroeconomic pressures in Asia and market panic. The hawkish remarks from the Bank of Japan's governor raised expectations for interest rate hikes, with the two-year government bond yield rising to 1%, and the possibility of a rate hike on December 19 reaching 76%; China's PMI data showed non-manufacturing activity contracting for the first time in three years, raising concerns about regional growth. Comments from the CEO of Strategy regarding the company potentially selling Bitcoin due to funding exhaustion further exacerbated market panic. Although Spot ETF fund flows have turned into a net inflow and U.S. liquidity is easing, Bitcoin's price movement is still influenced by macro narratives. The key now is whether Bitcoin can hold its previous low, which will depend on liquidity conditions and the fund flows related to Strategy. #十二月行情展望