The recently released US November non-farm payroll data took the market by surprise—how weak was this report? It directly ignited market expectations for the Federal Reserve to cut interest rates earlier.

Numbers don't lie. Job gains were only 119,000, whereas Wall Street had expected 225,000. The unemployment rate also jumped to 4.4%, hitting a recent high. Wage growth month-over-month was only 0.2%, with the pace clearly slowing down. In a nutshell: the employment market has significantly cooled.

What does this mean for the crypto space? The key point is—weak employment data is generally interpreted as a sign of easing inflation pressures, which directly supports market expectations that the Fed will cut rates more quickly and aggressively. An easy monetary environment has always been a big boon for risk assets. When central banks start releasing liquidity, funds need an outlet, and the crypto market, as a high-yield asset class, naturally becomes an attractive option.

As soon as the data was released, the US dollar index weakened accordingly. This makes sense—if the Fed accelerates rate cuts, the dollar's appeal naturally diminishes. The next focus will be on the upcoming CPI data, which will further confirm the Fed's policy signals.

Honestly, from a macro perspective, this does seem like a turning point. The adjustment cycle may be brewing change, and the narrative window for risk assets appears to be reopening. For assets like BTC and ETH, favorable policy signals could become the next boost for a rally.