Tonight at 21:30, the US December Non-Farm Payrolls report will be released. This is not just a numbers game—the market's eyes are all on the new employment figures and revisions to previous data, trying to gauge how much resilience the labor market still has. On the same day, the US Supreme Court will also rule on the legality of tariffs, making the policy landscape quite lively.

For our crypto circle, the transmission chain looks like this: Non-Farm data release → triggers expectations of Fed rate cuts or delays → subsequently affects US Treasury yields and the US dollar index → institutions begin adjusting risk exposure → finally impacts BTC and ETH price fluctuations and on-chain liquidity. Each link is interconnected, and one data point could be the turning point for the market.

In other words, these macro events are like weather forecasts for the crypto market. Clarifying the logic in advance helps avoid being reactive when the market moves.