Non-farm unemployment rate spikes, but the market is betting on rate cuts?

Last night, the US November employment data was released, with the unemployment rate jumping to 4.6%—not looking good. But interestingly, traders immediately started increasing their bets on rate cuts. The two-year US Treasury yield responded by falling, as the market predicts the Federal Reserve may continue to loosen liquidity next year.

Crypto has already reacted:
· Bitwise's report is quite bold, suggesting Bitcoin might break the four-year cycle pattern, and also saying that institutional ETF purchases could directly absorb new supply
· Spot and futures trading volumes on exchanges have hit new highs consecutively
· Industry insiders warn that BTC could return to around $80,000, but the real opportunities are precisely in those "dipped" levels, especially as large funds continue to build positions

What to watch now: macro signals are still somewhat unclear. The White House emphasizes the Federal Reserve's independence, but there are voices calling for "more aggressive rate cuts." Markets often move forward amid such uncertainty.

In practice, there's no need to rush to chase highs—wait for better entry points, and focus on small-cap tokens within the Ethereum ecosystem that have potential. Many projects are currently hot topics in community discussions. The basic logic of a bull market hasn't changed, but the path may be more winding.

What do you think about this market?