Just noticed the market's repricing fewer Fed cuts for 2026 now that unemployment came in at 4.3% in March—below expectations and basically unchanged from February. This shifts things for crypto pretty significantly. The labor market staying resilient means the Fed has less pressure to ease aggressively, which directly impacts the liquidity story we've been riding on for Bitcoin and Ethereum. Fewer rate cuts on the table means higher funding costs for leveraged positions and slower real yield normalization. Not exactly a capitulation signal, but definitely a headwind compared to what we saw in earlier bull cycles. What's interesting though is that this doesn't feel like an outright macro shock yet. If unemployment stays in the 4-4.5% range and we avoid a hard landing, on-chain activity can still grind higher. The real question for crypto traders is whether we're looking at a slower, choppier 2026—where every jobs print and Fed cut odds shift becomes a tradable event for BTC and ETH volatility. Less melting-up liquidity rally, more macro-sensitive consolidation. That's the setup I'm watching for.