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Latest US economic and labor market data are sending a cautiously optimistic signal regarding risk assets. Multiple indicators show that, through 2026, US household income growth may continue to slow, which could directly impact retail investors' ability to allocate funds to high-volatility assets such as cryptocurrencies. In the short term, this appears more like a "demand-side cooling" rather than a systemic crisis.

From the perspective of labor market performance, non-farm employment growth remains moderate, but the unemployment rate is rising, and wage growth is slowing down in tandem. Wages and employment stability are the core sources of household disposable income, which is precisely the key fuel for retail participation in the crypto market. When income growth stalls and employment uncertainty increases, households tend to prioritize cutting non-essential expenses, and speculative investments naturally become the first to be scaled back.