#美联储降息预期 The signals of a weakening labor market are indeed worth paying attention to. The revisions to October and November non-farm payroll data confirm the trend of stagnant employment growth, which has a substantial impact on the Federal Reserve's policy direction.

From an on-chain perspective, such macro expectations shifts often trigger adjustments in capital flows. Rising expectations of rate cuts usually mean increased attractiveness of risk assets, but the key is to observe the actual actions of large on-chain holders—such as whale wallet inflows and outflows, changes in DEX trading volume, and stablecoin inflows and outflows—these details can more early reflect the true attitude of market participants and are more valuable than public opinion guidance.

It is recommended to continue monitoring the release cycle of US labor data, while also paying attention to changes in the positions of mainstream coin contracts. If indeed institutional funds are seen to be deploying on-chain under the expectation of rate cuts, that would be a signal worth following.