The latest US non-farm payroll data just came out, and the numbers seem a bit "divided"—only 64,000 new jobs, yet the unemployment rate actually jumped to 4.6%. At first glance, it looks like bad news, but the market is sensing a different vibe.

Why does this seemingly ordinary report catch traders' attention? The key lies in the rising unemployment rate. It sounds counterintuitive, but for the Federal Reserve, this is exactly the "soft landing" signal they desire. Employment isn't as strong as before, but it hasn't collapsed either; the economy is cooling down gradually rather than crashing rapidly. This pace provides the central bank with reasonable room to cut interest rates. The tightening cycle is loosening.

The current question is: how will this impact the crypto market? The answer points to liquidity. Once the rate cut expectations heat up, the loose monetary environment will reemerge. Risk assets like BTC, ETH, and BNB are often beneficiaries—when returns from traditional investments decline, funds naturally seek more imaginative opportunities. Loose policies are like a shot of adrenaline for the market.

But don't be overly optimistic. One non-farm report can't change the overall picture; future inflation trends and the Fed's true stance are variables. However, this report at least sends a clear signal: the policy direction in 2025 might really be changing. For those closely watching the market, this is a key point to remember.