Last night, when the US December non-farm payroll data was released, the market instantly exploded. The increase was only 50,000 jobs, far below expectations, and the figures for the previous two months were also sharply revised downward. This report directly punctured the "soft landing" dream—weak employment figures and concerns over economic growth.

The market's reaction was straightforward: gold responded immediately, breaking through $4,500 to hit a new all-time high; BTC fluctuated within the $91,000-$92,000 range, appearing somewhat powerless; ETH fared even worse, testing the $3,000 support level. Why is this happening? The core logic has actually quietly shifted.

On one hand, risk aversion sentiment is beginning to rise. Weak employment data combined with complex geopolitical situations have made traditional safe-haven assets highly sought after. The surge in gold prices is clear evidence—funds are seeking a "safe harbor" amid uncertainty. On the other hand, the expectation of Fed rate cuts has been pushed back. The market now generally believes the first rate cut will not come until June, which means the expectation of liquidity tightening is locked in, and risk assets have no strong short-term reason to rally.

But this doesn't mean the market is entirely pessimistic. The reason why the crypto market hasn't experienced panic selling actually hides another logic—investment in AI infrastructure. It is expected to reach $480 billion by 2026, and this long-term story continues to support confidence in tech assets. Macro caution ≠ outright bearishness.

So, how is the "smart money" moving now? The BTC futures long-short ratio remains skewed towards longs, but top traders are showing short-term sell signals at key resistance levels. In other words: large investors are taking profits or waiting on the sidelines, looking for a clearer direction.

In the current environment of increasing macro uncertainty and diverging capital flows, investment logic must focus on "intrinsic value" and "resilience." When short-term speculative enthusiasm fades, assets with real applications and the ability to generate sustained positive returns will demonstrate true resilience. At this point, projects that are not driven by macro interest rate cycles but rooted in genuine demand and verifiable growth become even more worth paying attention to.