Let me give you my opinion on the non farm payroll data for next month's 9th in advance, It is highly likely to be a day of complete victory for the Air Force. Firstly, the default script for institutions and the market is very linear: Employment data continues to weaken → The Federal Reserve will accelerate interest rate cuts in order to rescue the market → More US dollars are flowing into the market → Risk assets are taking off. Many research institutions are emphasizing the Federal Reserve's emphasis on non-agricultural activities, believing that as long as the unemployment rate rebounds, it will cut interest rates. This involves an expectation that the market believes the bad news of non farm payroll data is good news, which means that as long as the employment data does not continue to weaken significantly as expected by the market, even if it only performs not so poorly or is just average, it will be interpreted as negative by the market. Because if employment does not collapse, the Federal Reserve has no urgent reason to cut interest rates. Once the data shows even the slightest bit of resilience, the US dollar index and US Treasury yields will immediately rebound in retaliation, and risk assets that rely on interest rate cuts to prolong their lives will also be hit. And the fact that data does not collapse actually has a greater impact on the cryptocurrency industry than other risky assets. Starting from 2023, traditional market researchers and institutions will enter and dominate the discourse. People believe that as long as the US economy does not decline, the cryptocurrency market will have an upward trend, which is actually wrong. For pure risk assets like cryptocurrencies, in a healthy and stable US economy, people will only choose mainstream investment products such as US stocks and US bonds. In fact, what the cryptocurrency market desires is an economic environment that is weak enough to require liquidity. The current real picture of the US job market: -The number of initial jobless claims remains low. -The number of people applying for unemployment benefits is increasing, and the difficulty of re employment is also increasing. There are no large-scale layoffs or recruitment, in a state of equilibrium stalemate. For the Trump government or the Federal Reserve, it is even an acceptable picture of a soft landing. The economy has not declined to the point where emergency treatment is needed. Therefore, investors who are still in the cryptocurrency market and have not been scared away need to be prepared for a pullback, and do not rush to buy at the bottom, as the space below may be larger than you imagine.