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The non-farm payrolls no longer hold the pricing power over Bitcoin.
Before 2024, non-farm payrolls = the Fed's liquidity indicator, BTC's trend was completely tied; after the launch of spot ETFs in 2024 and the start of the halving cycle, a single employment data can no longer dominate the market.
The core reasons:
1. Institutionalized pricing, diverse narratives no longer only focus on the Federal Reserve
2. Interest rate expectations are priced in advance, data releases no longer cause unexpected shocks
3. Trillion-dollar market cap, non-farm payrolls can no longer sway the overall trend
Stop betting on non-farm payrolls for market moves; it has long shifted from a core variable to a secondary reference.
#Crypto #BTC non-farm payrolls #CryptoMarketLogic