Recently, the US November seasonally adjusted non-farm payrolls added 640,000 jobs. Although this exceeds market expectations of 500,000, it is still quite weak compared to the performance of the past few months. What does this number actually imply? The US labor market is continuing to cool down.

The market reacted quickly. Spot gold also rose by more than $10. But for us in the crypto space, the real focus is here—weak non-farm data will reinforce market expectations of the Federal Reserve continuing to cut interest rates. With an economic slowdown in sight, the Fed will have to consider injecting more liquidity, which often flows into risk assets like Bitcoin and Ethereum.

An interesting comparison is if the non-farm data significantly exceeds expectations (for example, surpassing 1 million), the dollar would strengthen, and cryptocurrencies would be pressured. But this time is different. Slightly weak data means that in the short term, the "risk aversion" sentiment can be avoided from worsening, creating room for crypto prices to stabilize or gently rise.

Of course, we still need to keep an eye on the latest statements from the Federal Reserve and other economic data like CPI. Plus, variables within the crypto market itself—such as fund flows into spot ETFs and regulatory actions—will influence future trends. In the short term, this data is indeed somewhat positive for crypto, but markets are ever-changing, and caution and rationality should always come first.