Many people don't understand why the unemployment rate and non-agricultural data exceeded expectations, the Fed's expectations of interest rate cuts increased, why did US technology stocks plummet, and Bitcoin fell?

Because this wave of data exceeded expectations and increased market concerns about recession, yesterday's unemployment rate data was close to triggering the Sam indicator (recession warning indicator), so the market showed the logic of trading recession, and panic spread to the capital market.

For Bitcoin, compared with the macro, the currency circle is more important than the halving cycle, liquidity, on-chain behavior, etc., so I personally don't think there is any need to worry too much about the impact of this wave of data on the market, and the focus is on future changes in market liquidity.