As of March 8, the number of initial jobless claims in the U.S. was recorded at 220,000, in line with expectations and unchanged from the previous value, indicating that short-term resilience in the labor market still exists.

However, it is important to note that the number of continuing jobless claims rose to 1.897 million in February, reaching a three-year high, reflecting the increasing difficulty for unemployed individuals to find reemployment, with emerging risks of economic slowdown.

From a macro transmission perspective, a stable unemployment rate may weaken the urgency for the Federal Reserve to cut interest rates, and the U.S. dollar may maintain its strength in the short term, putting pressure on cryptocurrencies.

However, the February CPI fell to 2.8% year-on-year, and the PPI growth rate slowed to 3.2%, easing inflationary pressures and reinforcing the market's expectations of a "soft landing + interest rate cuts". Bitcoin broke through $84,000 on that day, with altcoins rising in tandem by 1%-3%, indicating that the data combination (strong employment + weak inflation) is more favorable for risk appetite.

It should be noted that if the job market continues to overheat, the Federal Reserve may delay interest rate cuts, combined with the disruptions caused by Trump's tariff policy, which may limit the short-term bullish space in the cryptocurrency market.

Currently, the market is more focused on the March CPI data to validate the interest rate cut path, and it is recommended to focus on Bitcoin ETF capital flows and the rebound opportunities of Meme coins that are oversold.