US corporate hiring sentiment just shifted sharply. Challenger job cuts dropped 8% year-over-year in December, a massive swing from the 23.5% surge we saw previously. This cooling in layoff momentum could signal stabilizing employment conditions—or it might just reflect companies front-loading cuts earlier in the cycle. Either way, softer labor market headwinds could ease Fed pressure, which typically bullish for risk assets including crypto. The gap between recession fears and actual data keeps narrowing.