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Last night, the non-farm payroll data was released, showing a decrease of 23,000 jobs, compared to the market expectation of an increase of 80,000. You could say the data was a shock, and $BTC responded with a rise. 1. Why does worse non-farm employment data lead to a rise? Because a non-farm crash = poor economy = high probability of Fed rate cuts = risk assets benefit. So BTC rose accordingly today. 2. Many institutions likely anticipated the non-farm crash, as spot ETFs have seen net inflows for 5 consecutive days from the 3rd until today, with a cumulative inflow of $720 million over 7 days. 3. But don’t be too optimistic, because usually with such positive news, BTC would directly jump 3%~5%, but this time it only rose 1%, which is too little, indicating the market still lacks confidence and remains #PayrollsDropCPIFocus #AIMemoryStressTest #SpaceXUnlockRebound