‍#非农数据超预期 US employment data shows that disposable income growth is weakening.

This is limiting individual investor capital and demand for risky assets like cryptocurrencies.

Altcoins carry more risk than Bitcoin because individual investor liquidity decreases first.

Recent data from the US economy is sounding the first warning signs for risky assets and the cryptocurrency market. The released employment figures suggest a potential weakening in household incomes towards 2026.

This development could particularly reduce the inflow of individual investors into volatile assets like cryptocurrencies. In the short term, this points to a demand problem rather than a structural crisis.

US Labor Data:

Disposable Income Growth Slowing The latest Non-Farm Payrolls report showed both a moderate increase in employment and a rise in the unemployment rate. Wage growth also slowed, indicating a loss of momentum in household incomes.

Disposable income plays a critical role in cryptocurrency adoption. Individual investors generally invest in risky assets with their remaining cash, rather than through leverage.

When salaries stagnate and job security decreases, households first cut back on non-essential spending. Speculative investments often fall into this category.

The role of individual investors in the altcoin market is much larger than in Bitcoin. Smaller tokens are largely dependent on individual capital seeking high returns.

Bitcoin, on the other hand, attracts institutional funds, ETFs, and long-term investors. This results in deeper liquidity and stronger downward resistance.

When Americans have less money to invest, altcoins are the first to be affected. Liquidity dries up rapidly, and price declines can last longer.

Individual investors may also be forced to close their positions to meet their needs. This selling pressure weighs more heavily on tokens with smaller market caps.

Asset prices can rise even if incomes weaken. This possibility is strengthened, especially if monetary policy becomes more supportive.

The cooling labor market leaves room for the Federal Reserve (Fed) to cut interest rates. Lower interest rates could support asset prices through liquidity rather than household demand.

This distinction is important for the cryptocurrency market. Rises driven by liquidity are generally more fragile and more sensitive to macroeconomic shocks.