As key macroeconomic data releases are delayed and the annual benchmark revisions are imminent, market concerns about "whether the data still has forward-looking significance" are rapidly intensifying. The January non-farm payroll report has been postponed to Wednesday, along with updates to the 2025 annual revision figures. The U.S. Bureau of Labor Statistics previously indicated that employment growth from April 2024 to March 2025 was overestimated by approximately 911,000 jobs; internal assessments by U.S. banks and the Federal Reserve suggest that the monthly new employment in the second half of 2025 could be revised downward by about 20,000 to 60,000 jobs, implying that total new employment for the year may be only around 584,000, the weakest level since the pandemic.

Cross-market performance shows divergent funding attitudes. Last week, U.S. stocks rebounded after consecutive declines, with the Dow Jones briefly surpassing 50,000 points. During the same period, U.S. Treasury yields fell and safe-haven buying reemerged, reflecting that market confidence in risk assets has not truly recovered. Gold and other precious metals experienced increased volatility, and oil prices surged then retreated amid geopolitical news, further amplifying macroeconomic uncertainty.

Cryptocurrency markets reacted even more directly. Bitcoin briefly dropped to $59,800 on February 6, then quickly rebounded to the $71,000 range, indicating that structural support still exists at lower levels. However, from a risk pricing perspective, this appears more like a technical correction after deleveraging rather than the start of a new risk appetite cycle. Caution is now needed to see if the $71,363 level can be effectively reclaimed, as this area corresponds to a key structural level from the previous decline and will be an important reference for whether funds are willing to re-engage with risk.

In the context of simultaneous non-farm and CPI data creating "high uncertainty and low credibility," short-term market pricing logic has shifted from a focus on the good or bad of individual data points to a comprehensive assessment of policy space, data revision risks, and liquidity tolerance. BTC's trend will continue to mainly reflect changes in this macro risk appetite, rather than serving as an independent signal for market initiation.