Odaily reported that according to 10x Research's market analysis, since Trump's election in early November last year, the US stock market has erased all its gains, although Trump's election was initially expected to drive stronger growth and lower taxes. The expected post-election rebound of quickly faded on December 6th. Since the boom in early December, trading volume in has dropped significantly, with funding rates reaching a peak on December 6th, suggesting that this date holds deeper significance. Macroeconomic factors are the main drivers of the Bitcoin and market cycle. The Federal Reserve decided to implement an emergency 50-basis-point rate cut in September due to concerns about an impending economic recession triggered by a clear weakening of the US labor market. However, subsequent data has painted a different picture. Data released on December 6th showed that non-farm payrolls increased by only 12,000 in October, but rebounded strongly to 227,000 in November. Last week, the data grew strongly again, with 256,000 jobs added on January 10th, and the unemployment rate falling to 4.1%. These data indicate that the original reasons for the Federal Reserve's initial rate cut were fundamentally flawed, undermining the arguments for a rate cut cycle.