Last night's non-farm payroll data was released, with the unemployment rate hitting a record high—what does this mean for the Fed and the next move of bt?

The current unemployment rate is 4.6%, significantly higher than expected! While the employment data slightly exceeded expectations! The sell-off wave has intensified again.

Why is unemployment data a leading indicator of liquidity?
An increase in the unemployment rate is not just economic data; it is also a pressure point. When the labor market weakens further, the Federal Reserve will be forced to shift from controlling inflation to protecting economic growth and preventing the spread of recession.

Since 2008, in every economic cycle, once the unemployment rate exceeds the trend level, the Federal Reserve has ultimately taken the following measures:
1. Cut interest rates;
2. Expand the balance sheet (quantitative easing);
3. Shift forward guidance to a more accommodative financial environment;
These shifts do not immediately reflect in the trend. On the contrary, the market often first reduces leverage, but once liquidity expectations bottom out, Bitcoin usually begins the next big rally.
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