This wave of non-farm data greatly exceeded expectations, all leading indicators have failed, completely contrary to the ADP data and initial jobless claims, resembling a set of data that fell from the sky with no clues, almost entirely contradicting market expectations.
But no matter how high the modifiers of this set of data are, it is good that he provided a relatively clear direction, for example, the unemployment rate expectation is 4.4%, and the published value is 4.3%. It shows that the labor market's resilience exceeds expectations. At the same time, the seasonally adjusted non-farm payrolls of 130,000 greatly exceeded the expected 70,000, indicating strong employment, while the average hourly wage year-on-year rate of 3.7% also exceeded expectations, which will keep inflation sticky. Another relatively important piece of data is the 2025 non-farm benchmark revision of -862,000, which is a smaller downward adjustment than expected, indicating that the employment situation is stronger than anticipated.
To summarize, the entire set of data is unequivocal, with a very clear direction. The combination of strong employment and inflationary stickiness will significantly cool the Federal Reserve's expectations for interest rate cuts. Coupled with the statements from several committee members this week, unless there is substantial weakness in the labor market, there will definitely be no rate cuts. This will extend the duration of the Federal Reserve maintaining a high interest rate environment.
Let’s directly talk about the impact on crypto. From the perspective of liquidity, all assets, such as U.S. stocks, gold, and crypto, are generally bearish, but crypto is the worst off, which will prolong the time for downward fluctuations in search of a bottom.
But there's no need to panic too much. This set of data just reinforces the rhythm of liquidity in the first half of the year. Moreover, it is completely contrary to before, with too high a degree of modification. Let's analyze the market direction after looking at other data! Who knows what tricks the Trump administration will come up with next?$BTC 
