According to 4E Observation, the market focus is on the upcoming U.S. employment data. Economists expect only 75,000 new non-agricultural jobs in August, and the unemployment rate may rise to 4.3%, the highest since 2021. If the data falls short of expectations, the Federal Reserve may be forced to accelerate the pace of easing at its September meeting, or even cut interest rates by 50 basis points at a time. Stanley, chief economist at Santander, bluntly said: "The labor market is basically frozen, and companies are suspending recruitment and waiting." Against this background, the market generally expects a rate cut of at least 25 basis points in September. In terms of chain dynamics, Bitmine received 48,225 ETH (approximately US$208 million) from BitGo, and its new wallets 0xAF8 and 0xC77 extracted 12,692 and 18,404 ETH respectively, totaling more than US$300 million in capital inflows. Institutions continue to increase or support the medium-term trend of ETH. At the regulatory level, the U.S. SEC announced a new crypto agenda, which plans to relax some exemption clauses and simplify the disclosure process. At the same time, it allows some crypto assets to be listed on registered exchanges and ATS, aiming to open up a channel for digital assets to be incorporated into the existing system. On the macro front, Trump signed an executive order to formally implement the US-Japan trade agreement, imposing a 15% benchmark tariff on most Japanese imports; the number of initial jobless claims in the United States rose to 237,000, exceeding expectations, indicating that employment pressure has intensified. In addition, Bitwise listed five crypto ETPs on SIX, Switzerland, covering BTC, ETH, SOL, XRP and the multi-asset index, increasing the number of its local products to 10, further promoting institutional adoption. 4E reminds investors that short-term market sentiment is dominated by non-agricultural and interest rate cut expectations, and macro fluctuations may amplify price fluctuations; supported by capital inflows and regulatory clarity, the medium-and long-term narrative of mainstream assets such as ETH remains resilient.