The latest non-farm payroll data has been released, and it looks like the US economy remains resilient. The unemployment rate has decreased, falling below both the previous value and market expectations, which is a positive signal. Although the number of new jobs added did not meet optimistic forecasts, overall, the US labor market is not as fragile as it seems. However, the decline in the labor force in November is a bit puzzling—this could be just a short-term fluctuation or reflect seasonal factors. More importantly, this set of data has directly lowered market expectations for a rate cut by the Federal Reserve in 2026. Don't expect a major shift in monetary policy; the rate cuts in 2026 may not be as aggressive as previously thought. For the crypto market, this means that the pattern of liquidity tightening is unlikely to change in the short term, so be prepared for a prolonged battle.