#大户持仓变化 tonight's non-farm payroll data is released, and what the market truly cares about is not just the 50,000 new jobs and 4.4% unemployment rate figures. Essentially, what it reflects is whether the US economy can truly achieve a "soft landing."

Imagine two scenarios. If the data is weak, the market will worry more that the US economy is really slowing down—risk aversion sell-offs in US stocks and dollar depreciation will follow. Conversely, if the data exceeds expectations, the Fed might adopt a more hawkish stance, and safe-haven assets like bonds and precious metals could come under pressure.

Interestingly, US consumption and employment are actually closely linked. One good or bad number doesn't tell the whole story. This non-farm payroll data needs to be analyzed in conjunction with consumption, unemployment, and wage growth. For $BTC, the market's risk appetite shift is often the most direct trigger. The crypto market has always been most sensitive to Federal Reserve policies and macro liquidity—how this round of data turns out will ultimately influence the flow of funds on the chain.