Last week, the US released a major data report that left me stunned for three seconds after reading it.

The number of weekly unemployment benefit claims surged by 44,000, directly reaching 236,000. What does this increase mean? It’s the most dramatic since the outbreak of the pandemic in March 2020. Well-known companies like Pepsi and HP are still continuing layoffs, with October’s layoffs hitting a new high since early 2023.

What does this have to do with our crypto play? It’s a lot.

Think about it—more and more Americans are losing their jobs, their cash flow tightening, and naturally, consumption decreases. Once economic vitality declines, global capital markets become anxious. Risk assets like cryptocurrencies are often the first to be sold off. Short-term price pressures on Bitcoin, Ethereum? I’d say it’s highly likely.

There’s also a more subtle point—the Federal Reserve’s stance. With employment data so grim, market hopes for rate cuts are definitely higher. Lowering interest rates in the long run does inject liquidity into the market and is good news for crypto assets. But don’t celebrate too early—short-term funds will first withdraw from high-risk markets and flock to US bonds and gold. A rollercoaster shakeout in the crypto space is unavoidable.

So what should we do now?

My advice is: don’t rush to buy the dip, and don’t panic-sell. The most important thing in the short term is to control your position, keeping it below half. Don’t touch small-cap altcoins; focus on key support levels of Bitcoin and Ethereum. If the price drops to a low point, it’s not too late to buy good-quality coins in batches.

Opportunities in the crypto market always come after a decline. But now is not the best time to enter. Be patient, don’t let emotions drive your actions.