The US December ADP employment data has just been released, with only 41,000 new jobs added, falling short of the market expectation of 47,000. At the same time, wage growth in multiple industries has also shown a noticeable slowdown. The data doesn't look very optimistic, and many people speculate that this will reinforce expectations that the Federal Reserve will keep interest rates steady. But honestly, this round of data has a relatively limited impact on the crypto market.

From an emotional perspective, although weaker-than-expected data should theoretically be positive for risk assets like Bitcoin, the actual decline isn't too significant. Plus, with inflationary pressures still present, the market hasn't rallied strongly in response. The crypto market ultimately relies on its technical trends and industry fundamentals for judgment.

What's more interesting is that even if gold benefits from this, funds in the crypto space haven't been diverted out. This precisely illustrates one point—the logic of crypto market fluctuations has long become independent. Macroeconomic data and Federal Reserve decisions at most influence short-term sentiment; the long-term trend is still determined by industry developments and institutional capital flows. The impact of this ADP data can only be understood in this context.