Weak non-farm data, bond yields still high The U.S. added only 29,000 jobs in September, pushing the market's probability of no rate hike in October to around 80%; however, U.S. bond yields rebounded afterward, with long-term pressure unresolved. Rate hike bets drop → stock market rebounds → long bond yields rise → BTC volatility increases Event impact: High Impact direction: Neutral bitcoin:native U.S. bonds