Labor market data remains weak and indeed warrants attention. The non-farm employment figures for October and November confirm the stagnation trend this year, adding weight to the Fed's rate cut expectations. From an on-chain perspective, a rate cut cycle typically brings liquidity easing, and large funds may seek new allocation directions.

Recently, several signals need to be closely monitored: First, whether the whale wallet flow patterns between stablecoins and mainstream assets change, as institutions usually adjust their positions in advance before rate cut expectations are realized; second, the total value locked (TVL) trend on major DEXs and lending protocols, as declining interest rate expectations often drive funds from high-yield strategies toward more stable allocations; third, the pace of large contract holders building positions, which can reflect the market's genuine expectations for rate cuts to materialize.

More labor market data is still needed to confirm the trend, as one or two months of data are not enough to fully change the Fed's stance. Continue to observe and avoid rushing to conclusions.