Last night, the United States dropped a data bomb, and the global market instantly changed the script.

Private sector employment fell by 32,000 in November – yes, negative. The market was expecting a rise of 20,000, but it turned out to be a reverse critical hit. As soon as this dismal ADP report came out, the probability of the Fed cutting interest rates in December jumped directly from 84% to 89%, which is basically certain.

How fast is Wall Street reacting? The Dow surged 408 points, or 0.86%, on the day, and the energy and financial sectors took off directly. Gold is even more exaggerated, rushing to $4,232 in one go, and safe-haven funds are running more actively than anyone else. Oil prices are also joining in the fun, with geopolitical tensions and inflation expectations, and they have been red all the way after opening high.

But there is a strange thing - Chinese stocks have become outcasts in this carnival.

The Nasdaq China Golden Dragon Index bucked the trend and fell 1.38%: NIO and Xpeng fell more than 4%, Ideal and New Oriental fell more than 3%, and even Alibaba, Baidu, and Pinduoduo did not escape. Why? Quite simply, funds are re-queuing around the world. High-risk Chinese stocks were sold off, and more certain US dollar assets and gold became new favorites.

What does this mean for the crypto market?

Interest rate cuts are the floodgate opening signal for liquidity. Historical experience tells us that the expected stage of interest rate cuts is often crazier than when interest rates are actually cut - funds will be stuck in advance to find highly elastic targets. Mainstream currencies such as ETH and Bitcoin are naturally beneficiaries of the era of liquidity flooding.

More importantly, when traditional safe-haven assets ( gold ) and risk assets ( U.S. stock ) s rise at the same time, it means that the market has reached a consensus on "releasing water". In the next step, those withdrawn from Chinese concept stocks are likely to flow to the crypto market in search of higher yields.

The Fed meeting in December may be the starting gun for this round of market.