Bitunix Analyst: Non-farm payroll data delayed, combined with weak manufacturing, puts pressure on risk assets, and the crypto market continues to be in a deleveraging environment.

BlockBeats News, February 3rd, due to the partial government shutdown in the United States, the release of the January 2026 Non-Farm Employment Report scheduled for this Friday has been postponed. The U.S. Bureau of Labor Statistics stated that the schedule will be rearranged once government funding is restored. The market had previously expected non-farm employment to increase by approximately 55,000 jobs, with the unemployment rate remaining at 4.4%, but these expectations are now completely dashed. As a result, this week’s labor market assessment can only rely on ADP and ISM employment data, significantly increasing macroeconomic uncertainty.

On the risk front, the market has clearly shifted into a risk-off and deleveraging state. The absence of non-farm data weakens the anchoring effect of policy expectations, while the structural issues of long-term contraction in U.S. manufacturing continue to surface. Federal data shows that since 2023, manufacturing has lost over 200,000 jobs, and ISM manufacturing activity has been in contraction for 26 consecutive months. Trump’s tariff policies in the short term increased corporate costs and suppressed investment willingness, failing to immediately improve employment and instead heightening market doubts about economic resilience.

From a cross-market perspective, the macro data vacuum and manufacturing pressure first impact U.S. and Asian stock market risk sentiment. Capital flows back into the dollar, suppressing precious metals and high-volatility assets. The crypto market passively undergoes a broader de-risking adjustment.

In this environment, BTC is seen as the key indicator of whether the market is still willing to take on risk. Currently, the price remains in a range-bound oscillation, with approximately 80,000 as a critical structural resistance, representing whether risk capital will return; and 75,000 as an important support level, reflecting the market’s bottom line during deleveraging. Whether BTC can hold the range will determine whether the crypto market continues to undergo passive adjustment or develops a relatively anti-dive structure.

Overall, the postponement of the non-farm report has not changed the policy direction but has amplified short-term uncertainty. Before data resumes, market focus will be on whether risk assets continue to be reduced and whether BTC can still serve as a thermometer of risk appetite. This will also be a key observation point for the next phase of the market.