#美SEC推动加密创新监管 Wall Street's trading calendar has been significantly cut this week due to Thanksgiving.

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The market will be closed all day on the 27th, and although it will open on the 28th, it will close 3 hours early—at 2 AM Beijing time. This "half-day tour" mode causes global capital flows to cool down instantly. Institutions are already accustomed to it: they adjust their large positions before the holidays, and retail investors have learned to be savvy, knowing that spreads will fluctuate at this time.

What is really interesting is the Black Friday consumption data. The market now treats this shopping frenzy as a health report on the U.S. economy—once the consumer spending figures are released, the investment logic for the following weeks changes accordingly. Even if the trading time is shortened, the importance of this data is highlighted even more.

The trading volume in Europe has fallen below the 30-day average, and the volatility in the Asian market has also narrowed, with even futures contracts shortening their trading hours. The S&P 500 futures only rose by 0.01% before the market closed, essentially remaining flat, a typical "holiday lull."

However, this calmness is only superficial. Once liquidity decreases, even small fluctuations can be magnified, which is particularly sensitive for the cryptocurrency market—while the speed of capital transfer in traditional markets slows down, on-chain transactions may instead experience short-term anomalies.

Once the holiday is over and the economic data is released, a new round of rhythm will begin. The market closure is never an end, but merely the starting point of the next cycle.