Last night, after the release of December US employment data, the market reaction showed an interesting divergence. Job gains were only 50,000, far below market expectations, but the unemployment rate actually dropped to 4.4%. Behind this seemingly contradictory data, revisions for the previous two months' figures were also lowered by 76,000. Looking at the whole year, the average monthly job gains are only 49,000, indicating a clear slowdown trend compared to 2024.

While digesting this data, the short-term market sentiment remains somewhat optimistic. Why? Slowing employment growth typically signals a cooling labor market, which puts greater pressure on the Federal Reserve's rate cut decisions. Once a rate cut cycle is established, expectations of a weaker dollar will intensify, and liquidity in the entire financial system will expand accordingly. Historically, risk assets like cryptocurrencies tend to react in advance whenever a rate cut cycle begins.

However, it is important to maintain rationality: a single month's employment data alone is not enough to change the long-term trend judgment. Market participants will continue to debate the future trajectory, and fluctuations between data points are normal. But from a macro perspective, the pressure is indeed easing, which could be a potential positive signal for Bitcoin and mainstream cryptocurrencies.

Currently, the key is to continue monitoring upcoming CPI data and official statements from the Federal Reserve. At this stage, holding spot assets and patiently waiting may be the more prudent choice. The initial signs of a market shift are emerging, but final confirmation still requires time.