A new day begins, and the crypto market continues to experience a downward trend. The "aftereffects" of the U.S. government shutdown are still brewing, with Bitcoin falling below $95,000, putting pressure on the $90,000 round number; Ethereum struggles at the $3,000 mark, and last night's rebound was quickly suppressed by bearish traders. Market panic is widespread, but bottom signals and operational opportunities are beginning to show signs. The core pressure on the market stems from the macroeconomic uncertainty left behind by the government shutdown. The shutdown has led to institutional funds withdrawing from the crypto market and shifting to safe assets, causing liquidity to tighten. Now, the backlog of economic data has become a key variable. The U.S. Bureau of Labor Statistics has announced that the previously delayed September employment report (a core reference for Fed policy) will be released next Thursday, and its results will directly impact market expectations for monetary policy. Ahead of the data release, the battle between hawks and doves at the Fed has intensified. Hawks focus on inflation risks and lean towards tightening, while doves worry about employment decline and advocate for easing. The policy divergence has led to cautious capital, making it difficult for core assets like Bitcoin and Ethereum to form effective rebounds.

From the market perspective, bearish traders dominate but bottom characteristics are beginning to show. Bitcoin is under pressure at the $90,000 mark and Ethereum at the $3,000 level. However, the scale of short positions on the Ethereum chain is narrowing, and the market panic index has eased compared to previous levels. Some institutions have begun to position themselves for bottom fishing, waiting for a shift in the market after data is released.
For investors, next Thursday's September employment report is a turning point for the short-term market: data below expectations may strengthen the dovish stance, boosting interest rate cut expectations and driving a rebound; data exceeding expectations may trigger a brief pullback, but it will also clarify risk and establish a bottom. The core strategy is to "find certainty in uncertainty." In terms of operations, it is recommended to "build positions in batches and focus on the core": Bitcoin can be accumulated in batches around $90,000, with small entries every 5%-8% drop; Ethereum has strong support at $3,000, and core assets within its ecosystem should be monitored. At the same time, be wary of liquidity risks in altcoins, prioritizing allocations to core assets like Bitcoin and Ethereum.

The current market slump is the result of macro uncertainty resonating with short-term sentiment, rather than a deterioration in asset value. As the backlog of data materializes, the fog in the market will dissipate, and the expectation of a shift in Fed policy remains a long-term support. Investors need to be patient, holding onto value amidst panic, and strategizing during volatility—the formation of a bottom is precisely the digestion of uncertainty and the groundwork for the next round of market activity.