BlockBeats News, May 11th. In April, the U.S. non-farm payrolls added 115,000 people, significantly higher than the market's expected 62,000, and the previous value was also revised up to 185,000, showing that the U.S. labor market still has resilience. Although consumer confidence in May hit a historic low, the one-year inflation expectation unexpectedly fell, causing the market's expectation of "economic slowdown but sticky inflation" to continue to rise.

Recently, Federal Reserve officials have continued to lean towards a wait-and-see attitude. Harker believes that the current labor market remains quite stable, but the inflation performance is still not ideal; Lagarde, on the other hand, admitted that the central bank is currently caught in a dilemma between "premature action and delayed action." At this stage, the market is beginning to reprice the possibility of "higher rates being maintained for longer."

On the geopolitical front, the U.S.-Iran negotiations have yet to make a substantial breakthrough. Iran has formally rejected the U.S. proposal, but the two sides continue to communicate through Pakistan, with the core of the negotiations shifting towards maritime security and a ceasefire framework. Recently, there have been signs of maritime traffic recovery in the Strait of Hormuz, with a Qatari LNG tanker passing through for the first time in about 70 days, indicating a reduction in market concerns about a complete blockade.

As for the crypto market, from the liquidation map, around $80,000 is still a key short-term long-short watershed, with a significant accumulation of long liquidity, while there is a significant amount of short liquidation around the $83,000 area. Overall, in the short term, the market still tends to fluctuate within a range, and funds are waiting for new macro catalysts to emerge.

Regarding derivative data, BTC's open interest (OI) continues to decline slightly to $25.6 billion, indicating that leveraged funds in the market are cooling down and there is limited short-term chasing momentum. Although the funding rate has not significantly turned positive, the bearish pressure has eased somewhat, indicating that the current market is more inclined to wait for further clarification on macro data and geopolitical situations before deciding on the next direction.