The annual 'Santa Rally' in cryptocurrency markets is under scrutiny as analysts debate whether retail investors driven by FOMO (Fear of Missing Out) or large-scale whale capital are the primary drivers. Historically, the Santa Rally refers to a period of increased market activity and price gains during the holiday season. Recent trends suggest that while retail investors contribute to the initial momentum, it is the substantial capital inflows from whales that sustain and amplify the rally. This dynamic highlights the significant influence of large investors in shaping market movements, particularly during periods of heightened trading activity.