Every ripple in the macroeconomic landscape is stirring the nerves of the crypto market. Last week's major events in the financial markets directly impacted Bitcoin's liquidity pattern.

First, let's talk about the unemployment data from the US — the figures released by the Labor Department on Tuesday were indeed sobering. The November unemployment rate surged to 4.6%, the highest since September 2021. On the surface, the addition of 64,000 non-farm jobs looks decent, but the data for the previous two months was significantly revised downward, with October's figures cut by 105,000 jobs. This clearly signals an economic slowdown.

The market's reaction was straightforward — expectations of a rate cut by the Federal Reserve in January jumped from 22% to 31%, and traders are betting on two more cuts in 2026. This sounds bullish for Bitcoin, as rate cuts typically mean easier liquidity and increased dollar depreciation pressure. The problem is, market liquidity was already shrinking before the Christmas holiday, and such swings in expectations tend to amplify the shocks whenever new data is released.

By Thursday, a dramatic turn occurred. The Bank of England softened its stance, while the European Central Bank signaled a hawkish outlook, and US CPI unexpectedly declined. The US dollar and Treasury yields fell sharply, directly boosting the appeal of precious metals and risk assets. As a liquidity-sensitive asset, Bitcoin often reacts noticeably to such shifts in macro expectations. However, the subsequent plunge in the Nasdaq wiped out half of the gains, reflecting the current fragility of market confidence.

The key is to understand the underlying logic: the Fed's easing expectations, the divergence in global central bank policies, and the uncertainty in dollar movements — these factors together are continuously changing the liquidity landscape across markets, including crypto. The real test is still ahead.