According to @iampaulgrewal, Thanksgiving is a U.S. legal holiday that shifts attention away from markets, highlighting a full U.S. holiday session (source: @iampaulgrewal). U.S. equity trading is closed on Thanksgiving, limiting cross-asset liquidity signals for crypto from traditional markets (source: NYSE holiday calendar). CME Group lists modified holiday hours for Bitcoin futures (BTC) on U.S. holidays, which can reduce institutional hedging activity during the break (source: CME Group holiday calendar). Crypto spot markets for BTC and ETH remain open 24/7, but holiday periods historically show thinner order books and wider spreads, increasing slippage risk (source: Coinbase trading hours; Kaiko market liquidity research). Traders commonly mitigate holiday slippage by using limit orders and sizing conservatively in low-liquidity windows (source: Coinbase Learn).

According to @KobeissiLetter, this short holiday week clusters 10 key US macro events: September PPI (Tuesday), September Retail Sales (Tuesday), November Conference Board Consumer Confidence (Tuesday), October Pending Home Sales (Tuesday), US Q3 2025 GDP (Wednesday), September Durable Goods Orders (Wednesday), September PCE inflation (Wednesday), September New Home Sales (Wednesday), US markets closed for Thanksgiving (Thursday), and a 1 pm ET early close (Friday), source: The Kobeissi Letter. According to @KobeissiLetter, the Thursday closure and Friday early close compress event risk into Tuesday and Wednesday, a schedule crypto traders can use to plan liquidity and volatility management around headline inflation and growth prints, source: The Kobeissi Letter.