#数字资产市场洞察 $ETH $SUI $UNI

Just as the hawkish remarks from the Federal Reserve Chairman were delivered, the market was caught off guard by a dismal employment report.

The story behind the data is quite heartbreaking: the employment figures for August were significantly revised downward, showing a net loss of 26,000 jobs, while new jobs in September were halved to 108,000. This discrepancy has led Wall Street to begin murmuring— the previously announced initial figures may need to be discounted by 30% to be credible.

The market immediately turned around. Expectations for interest rate cuts have surged, and investors are starting to bet on two rate cuts, which may indeed come in January. This puts Powell in a dilemma: if he cuts rates, his previous statements of "the rate hike cycle is over, don't think about rate cuts" will become a joke; if he insists on not cutting rates, the risk of worsening economic data looms large.

Interestingly, global risk assets are beginning to be repriced. The U.S. dollar index has fallen in response, dropping below the 98 mark, which has provided some breathing room for cryptocurrencies and other alternative assets. However, the story is not over yet—CPI data is about to be released, and if inflation remains high, the Federal Reserve will indeed have little room to maneuver.

How this round of data shocks will ultimately affect the liquidity landscape of the cryptocurrency market depends on the subsequent policy direction.