The current Crypto Assets market shows a clear concentration of funds, primarily flowing towards a few popular targets represented by leading projects. This trend has led to a liquidity shortage for most Mainstream Tokens and smaller projects, with overall market Fluctuation and trading activity continuing to decline, presenting a dull pattern.

As the U.S. non-farm payroll data is about to be released, market risk appetite has clearly contracted, and investors generally adopt a wait-and-see attitude. The short-term market trend is mainly influenced by expectations of this important economic indicator, while the technical trend signals have relatively weakened.

In the context of the current liquidity tightening and imminent major risk events, investors should be cautious about any short-term rebounds, which may be more suitable as opportunities for reduction or exit rather than entry signals. Due to the lack of new funds support, combined with the uncertainty before the release of non-farm data, any rebound may face greater correction risks afterwards.

From a long-term perspective, the market is currently in a consolidation phase before major event-driven movements. The inflow and outflow of funds under the Ethereum Proof of Stake (PoS) mechanism is gradually tending towards balance, and the on-chain asset exchange process is nearing its conclusion.

In summary, the short-term market trend will largely depend on the upcoming non-farm payroll data. This data is expected to support interest rate cut expectations, which will be favorable for the risk asset market. If this is the case, new funds may overflow from leading projects, bringing rotation and supplementary growth opportunities for smaller projects and other crypto assets sectors. Investors should closely monitor the market reaction after the data release and adjust their investment strategies accordingly.