The cryptocurrency market is experiencing continued holiday weakness, with more than 50% of options positions set to expire this Friday. This has led to extreme caution among traders, as indicated by the fear and greed index, which suggests a subdued market environment ahead of the New Year. U.S. market closures and typical seasonal lulls have contributed to dampened sentiment, with Bitcoin and Ethereum experiencing a volatility drop of over 10% in the past month. Altcoins are expected to see limited movement until institutional trading activity resumes post-expiry.