Last night, as soon as the non-farm payroll data came out, my first reaction wasn't excitement—it was to confirm one thing: the rhythm has changed.

57K vs 115K—this isn't just slightly worse; it's a clear signal of cooling employment. The market's first reaction wasn't crypto, but U.S. Treasuries and the dollar—yields started to loosen, and the dollar index weakened.

On one hand, there's the real data of "the economy is cooling"

On the other hand, there's the repricing of "the Fed won't stay that hawkish"

Ultimately, it boils down to one sentence for the market—liquidity might be loosening.

Then BTC moved first, simply because it's the most sensitive.

This kind of structural market has a characteristic that is both dangerous and enticing.

It looks like a trend, but in reality, it might just be emotional acceleration.

So I never rush to define a "bull market is back" during such broad rallies.

What I more often judge is:

If it's only data-driven → it's a pulse.

If inflation and policy both shift together → only then it might become a trend.

Last night felt more like the former.

The market is front-running, but it hasn't truly rewritten the cycle.

#非农后鹰派预期反转，加密市场普涨 $ETH ‌$BTC ‌