This week, the US unemployment rate and non-farm payroll data have become the market's focus. Coupled with Japan's interest rate hike trend, short-term sentiment will be stirred. But honestly, BTC has withstood several previous rate hikes, and this time should be no different.

From an on-chain perspective, short-term players holding for less than a month are selling off, but big players remain steady, continuing to accumulate BTC and ETH strategically. The key point is—tonight's non-farm payroll data itself is not the main focus; what the market wants to do with it is.

It's been lacking a reason for a while now, and non-farm payroll is like a match that ignites the fire. Weak data could extend the expectation of rate cuts, potentially saving the market. Strong data, on the other hand, might crush those long positions with high leverage. So this time, whether it's bullish or bearish isn't the most critical; what the market is really looking at is whether to unload or loosen the grip—this is what truly matters tonight.