The recent performance of the US stock market is indeed worth watching. The S&P and Dow have fallen for three consecutive days, and the Nasdaq rebounded by 0.23% last night, but does this gain really justify the label of "tech stocks"? It's a bit uncertain.

What's even more interesting is the non-farm payroll data—again exceeding expectations. However, traders seem to have gotten used to this, and their bets remain unchanged. The market is digesting an important signal: the possibility of the Federal Reserve cutting interest rates twice next year. This has a significant impact on the liquidity expectations for on-chain assets.

Additionally, with the new Fed Chair confirmed to take office in January and inflation expectations potentially dropping sharply next year, the entire market's outlook is being reshaped. Trump's nationwide speech on Thursday has become a new focal point—investors are waiting to see what signals this "annual summary" will release.

Here's the interesting part: the better the data looks, the more cautious the market becomes. Good non-farm payroll figures do not necessarily mean market optimism, because everyone is asking— is this a genuine recovery or just a temporary "special effect"? This kind of hesitation is shaping the upcoming trading rhythm.