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#加密市场整体分析 The recent market pullback of about 5% is actually a normal seasonal fluctuation at the end of the year and is not a signal of the end of the bullish trend. Analyzing the views of Goldman Sachs traders, combined with factors such as the AI investment cycle and institutional positions, there is still room for the index to rise before the end of the year. This fluctuation pattern is similar to previous years and reflects the cyclical characteristics of the market. From an on-chain data perspective, there have been no abnormal fund flows, and the changes in large investors' holdings are relatively stable. It is recommended to follow the on-chain trading activity and cross-chain bridges fund flows in the coming weeks, as this may provide more clues about market sentiment. Overall, it is advisable to remain calm and observe, without over-interpreting this degree of pullback.