On Friday evening, the US Bureau of Labor Statistics released non-farm payroll data that unexpectedly fell short of market expectations. This data acted like a key, directly opening up the market’s imagination for a shift in Federal Reserve policy. Consequently, risk assets responded swiftly—Bitcoin surged, and the entire crypto market sentiment was instantly ignited.

However, for those small tokens on the fringes of the market with relatively fragile liquidity, the situation is much more complex. A seemingly simple piece of good news is actually an extreme stress test of these assets’ resilience when the market turns rapidly. In other words, when macro narratives become the driving force, do the technical fundamentals of these tokens still hold value?

**From Expectation Adjustments to Chain Reactions in Liquidity**

Weak employment data triggered a clear transmission chain. First, the market began to reprice the Federal Reserve’s policy path—there is a widespread belief that the rate cut cycle may start earlier than previously expected. This shift in expectations was immediately reflected in the performance of several key assets:

The US dollar index fell accordingly. As the dollar depreciates, dollar-denominated assets naturally appear cheaper and become more attractive to international buyers. At the same time, US Treasury yields also declined sharply, and this yield is often regarded as the benchmark for global asset pricing. Falling yields mean reduced appeal for traditional fixed-income investments, prompting more funds to seek alternatives—cryptocurrencies thus benefit.

Under this changing market sentiment, the liquidity landscape of small tokens is quietly shifting as well, hiding deeper market logic that warrants consideration.