Non-farm payroll data, as an important indicator of the health of the U.S. economy, has a profound impact on the cryptocurrency market. This report not only influences the Fed's monetary policy decisions but also directly affects the dollar's performance and market risk appetite, thereby impacting the performance of digital assets such as Bitcoin (BTC) and Ethereum (ETH).

The non-farm payroll data for July released in August 2025 showed that employment growth was below expectations, with only 73,000 new jobs added, far below the anticipated 104,000. At the same time, the unemployment rate rose to 4.2%. This weak employment data has sparked market speculation that the Fed may accelerate the pace of interest rate cuts, which should theoretically benefit risk assets, including crypto assets.

However, the market reaction was not as straightforward as expected. Although Bitcoin briefly rebounded after the data was released, it soon came under pressure due to other factors. During the same period, the US dollar index experienced a short-term decline but quickly rebounded due to risk aversion sentiment. Notably, spot gold prices rose by 0.8%, indicating market demand for safe havens, but the Crypto Assets market failed to fully follow this trend, possibly affected by tightening liquidity.

This complex market response highlights the subtle relationship between the crypto assets market and traditional financial markets. While non-farm data has a significant impact on the crypto assets market, other factors such as regulatory policies, global economic conditions, and market sentiment also play important roles.

For cryptocurrency investors, closely monitoring macroeconomic indicators such as non-farm data is crucial, but it is also necessary to consider other influencing factors to assess market trends more comprehensively. As the cryptocurrency market continues to mature, its connection with traditional financial markets may further strengthen, bringing new opportunities and challenges for investors.