The current state of the job market is quite interesting: overall, it hasn't completely collapsed yet, but the internal issues are becoming more and more apparent. The recent rebound in the number of initial unemployment claims is not a coincidence; you can see that more and more people are continuously receiving unemployment benefits, non-farm payroll data is also weak, and many industries are still laying off employees. When all these factors come together, it indicates that the problem is not simple.

This situation not only could delay the Federal Reserve's interest rate cuts, but more importantly, the possibility of the economy achieving a smooth "soft landing" (which means gradually cooling down instead of a hard drop) is becoming increasingly unlikely. For us investors, we need to be cautious of the "boiling frog" scenario—on the surface, the unemployment rate looks okay, with no major fluctuations, but in reality, more and more people are becoming unemployed and are struggling to find new jobs. This hidden pressure could erupt concentratedly after a few quarters. #加密市场反弹