The non-farm payrolls have delivered a major blow. The core logic is summed up in one sentence: wage resilience dominates the market, and the overall trend remains bearish.

The expected year-over-year hourly earnings rate is moving higher, locking in expectations of Federal Reserve easing; the risk-asset pressure scenario is unchanged.
Employment data cools sharply, and the favorable factors are priced in early—unable to reverse the trend.
Initial jobless claims see a slight improvement, but its impact on the market is negligible.

Clear market direction for the evening session:

1. Employment and wages are both strong, pushing market depth deeper;

2. Employment weakens but wages stay firm—after a brief spike higher, it continues to fall.

All rebounds are opportunities for the bears. The real-time non-farm payroll outlook is continuously updated—stay alert and follow up. $BTC #Circle股价重挫17%