Last night, Powell's move played the market like a fiddle. Interest rate cut signals, balance sheet expansion, and acknowledgment of employment pressures—these three moves were expected to ignite a rally, but instead, the crypto market experienced a sharp plunge. Bitcoin's quick rise and fall was one thing, but Ethereum was even more brutal, dropping straight down from the $3447 level, making adrenaline surge for onlookers.

What does this wave of movement reveal? Frankly, the market had already fully priced in expectations. Once the policy "boots" hit the ground, profit-taking began疯狂出货, which is a classic case of "news realization as a selling point."

But the story isn't over yet. Powell left the suspense for tonight's 21:30 data release—the US initial jobless claims for the week ending December 7. He also emphasized that future Federal Reserve actions will be "data-dependent," which translates to: don’t ask me about future rate hikes or cuts, just watch the data and guess for yourself.

Why has a routine weekly employment report suddenly become the "life and death" chart for the market?

Because it directly hits the core of the current global liquidity game. Last night, Powell signaled dovishness, mainly worried about a softening labor market, even hinting that recent employment growth data might be inflated. The future pace of rate cuts depends entirely on whether the employment sector can hold up. And initial jobless claims are the fastest and most sensitive "detectors" for gauging the health of the employment market.

Tonight, the market expects this number to be 220,000...