The Middle East situation is heating up, and the market is re-pricing the risk in this region. This wave of shock not only impacts crude oil but is also reshaping the entire commodity logic.

On the other hand, U.S. inflation data has issues. Previously, the market was full of expectations for a rate cut in Q1, but now these expectations are collapsing. Investors have shifted from "definitely will cut" to "wait and see." The performance of #美国非农就业数据未达市场预期 assets like $SOL, $ETH, and $DN reflects the tug-of-war in market sentiment—risk assets are experiencing increased volatility amid macro uncertainty.

Weak non-farm payroll data further confirms signals of slowing economic growth, but this has instead intensified market indecision: a worsening economy means the Fed will have to act sooner or later, but inflation has not been fully subdued. The crypto market is now more like waiting for the next clear signal.