Interesting contradictions appear in US data—non-farm payrolls are weakening, but the unemployment rate is revised downward, and wage growth remains steady. This directly pronounces the death sentence for rate cuts in January, and the entire rate cut pace for the year needs to be re-estimated.

What is the impact on the crypto space? Short-term volatility continues, but don't be pessimistic. The mid-term logical chain is still intact: rate cut expectations, the rollout of compliance frameworks, and the on-chain of real assets—if these three forces really act together, they will be catalysts.

The three directions to watch are still—RWA (Real-World Asset Tokenization), the combination of computing power + AI, and the promotion of CBDC. These fundamental stories haven't changed; the key is when liquidity will loosen. Once liquidity arrives, these opportunities will no longer be just on paper.