The latest US employment data is not looking good, and the market immediately sensed an opportunity — now more than 80% are betting on a Fed rate cut in December.

This wave of expectations has directly boosted safe-haven assets. Spot gold has surged to a six-week high, on the verge of challenging historical records; the dollar index is struggling at the critical level of 99.25 under pressure; the S&P 500 is wobbling at high levels, but AI tech stocks have managed to stabilize on the back of rate cut expectations.

In simple terms, it’s a triple negative: the job market is cooling, manufacturing data is shrinking, and Fed officials' attitudes are beginning to soften. These signals together make a rate cut almost a done deal. For our crypto market, the expectation of liquidity easing has always been good news, and it is worth keeping an eye on the subsequent data.