Last week, the initial unemployment claims data in the United States was released, and the numbers were quite impressive. For the week ending November 22, there were only 216,000 new unemployment benefit claims—it's worth noting that the market generally expected 225,000, and the previous value was also 220,000. This unexpectedly low data directly proves that the labor market is still holding up.

With stable employment data, the imagination for interest rate cuts by the Federal Reserve has increased. The US dollar index has responded by falling, is it the spring for risk assets? The probability of the US stock market continuing its upward trend is increasing, and the crypto market is also benefiting, with mainstream coins like $BTC and $ETH. After all, once expectations for liquidity easing rise, funds have to find a place to go.

That said, in a market driven by macro data, fluctuations are inevitable. In the short term, market sentiment may be pulled back and forth between data and policy expectations, so it's important to grasp the rhythm in operations.