There's a great reason why crypto dips before Chinese New Year that I haven't heard folks explain yet: unlike for Christmas, Chinese New Year gifts are monetary. So naturally crypto gets liquidated into fiat before the event.

Once the New Year is over, the selling pressure disappears and some of the received money might even go back into crypto.

Keep in mind that most of those receiving the cash are young folks who get the gifts from their parents and relatives, and in places like South Korea they are probably putting some of this up into crypto.