Wu Says Learned that Coinbase Institutional said that US nonfarm payrolls came in far below expectations, but the escalation of the Middle East conflict has brought inflation risks back into focus. The market is shifting to pricing for “higher interest rates to stay longer,” with financial conditions tightening further. Long-term risk assets are under pressure, and the probability of another rate hike again within the year is also rising. Under multiple negative factors, BTC is down only about 2%, and this relatively resilient performance may indicate that the market is undergoing a bottoming-out process.