According to Greeks.live, as Europe and the US enter the Christmas holidays causing traditional markets to recess, the crypto markets have experienced significant gains, particularly led by Bitcoin. This period between the Christmas holiday and year-end is characterized by lower liquidity, meaning the market requires less momentum to move. In the options market, short-term implied volatility has decreased compared to the previous day. Market makers are adjusting positions towards the end of the day, with implied volatility showing stability as the year ends. The max pain points are currently at $84,000 for Bitcoin and $3,000 for Ethereum, indicating that the annual max pain point is likely to fail, continuing the trend from previous years.