Recently, the economic data released by the United States has caused chaos in the market. On the surface, everything seems to be improving, but in reality, there are underlying currents.

The November non-farm payroll report just came out, with 256,000 new jobs added, far exceeding the expected 160,000, and the unemployment rate also dropped to 4.1%. Sounds good, right? But traders' reactions were completely opposite—the dollar index surged by 90 points instantly, gold experienced a roller coaster ride, and Bitcoin also dropped. This seemingly contradictory move actually follows a clear logic: strong data suggests the Federal Reserve might slow down the pace of rate cuts, which is like pulling the rug out from under liquidity-dependent cryptocurrencies.

But is this report really that impressive? A closer look reveals it's not so straightforward.

**What is the truth behind the employment data?**

Total figures can be deceptive. When combining October and November, the new jobs added are actually 80,000 less than the revised figures. Even more painful is the situation for small and medium-sized enterprises—small businesses with fewer than 50 employees have been adding jobs negatively for three consecutive months, and in November, they cut 166,000 jobs directly. In contrast, large companies with over 500 employees have maintained positive growth for ten consecutive months.

This is the current picture: big companies are thriving, while small businesses are struggling under the heavy pressure of high interest rates. To use a metaphor, the big trees and small grasses in the forest face the same storm, but the results are worlds apart. Large enterprises have the capital to weather the storm, while small ones are struggling step by step.

**Liquidity is king**

What does this data mean for the crypto market? Simply put, it increases the likelihood that the Federal Reserve will delay rate cuts and strengthens expectations of tightening liquidity. The cryptocurrency market relies heavily on liquidity. When liquidity tightens, all kinds of assets are put to the test. High-risk assets like Bitcoin and Ethereum are the first to be affected.

So don’t be fooled by the surface data of the non-farm report; the key is to look at the structural changes behind it and the impact on policy expectations. In this chain, any change in one link can trigger a chain reaction in the market.