Three key events occurred in the United States last night, profoundly impacting the cryptocurrency market landscape:

1. Divergence between economic data and policy expectations: ADP employment data unexpectedly dropped by 32,000, signaling a recession warning, but the probability of a Federal Reserve rate cut slightly decreased instead. The market speculates that significant policy adjustments may be in the works.
2. Power shifts lead to policy shift expectations: If Trump takes office, he may replace the Federal Reserve chairman and adjust the core members of the economic committee. U.S. monetary policy could shift from fighting inflation to prioritizing growth, raising expectations for increased liquidity.
3. Accelerating cryptocurrency compliance: The SEC chairman stated that a cryptocurrency bill is about to pass. Polymarket has returned to the U.S., and the Solana spot ETF has been quietly launched, indicating that the industry's compliance process is entering the fast lane.

Overall, beneath the apparent weakness of the U.S. economy, a foundation of policy, capital, and legitimacy is being laid for the crypto market. For investors, the current core strategy is to position assets with compliance prospects and spot ETF potential, rather than engaging in short-term speculation. Seizing long-term industry trends is more crucial.