Recently, these economic data points are quite interesting. The US unemployment rate surged to 4.6% (a 4-year high), and the PMI is also declining. Normally, this should be bearish for the stock market. But what happened? Participants in the crypto market are actually buying in—key crypto asset concept stocks are starting to resist declines, with some even rising slightly.

The logic behind this is quite clear: weakening economic data directly boosts expectations of rate cuts. Recent statements from high-level White House officials also confirm this, with the probability of two rate cuts next year basically locked in. Expectations of loose liquidity are gradually shifting from market trading to policy consensus.

From a crypto perspective, this turning point is particularly noteworthy. The usage scale of stablecoins has already surpassed 200 million users, and industry forecasts predict an additional $1.7 trillion in on-chain capital demand over the next three years. For these funds to form a closed loop, they rely on US debt backing and cooperation with the traditional financial system. In simple terms, the wall between traditional finance and crypto assets is gradually being dismantled.

Economic cooling → increased expectations of rate cuts → improved liquidity environment—this chain of events is genuinely beneficial for crypto assets. In the early stages of a major turning point, assets that have been long neglected are often the most likely to attract capital attention. It’s worth pondering which crypto assets will be the main beneficiaries during this easing cycle.

What’s your view? Is this a rebound after "bad news is fully priced in," or the prelude to a new round of easing? Feel free to share your thoughts.