#大户持仓变化 Tonight's non-farm payroll data will be released, but the market's real concern isn't just the 50,000 new jobs and 4.4% unemployment rate figures. Frankly, 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—leading to risk-off selling in US stocks and a weakening dollar. Conversely, if the data exceeds expectations, the Fed might adopt a more hawkish stance, putting pressure on safe-haven assets like bonds and precious metals.

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