🧊 Yesterday’s short squeeze has turned into a long squeeze today. The verdict is in: U.S. August non-farm payrolls came in at +162K, far exceeding the expected +56K—nearly triple. The labor market’s “surprisingly strong” performance has completely overturned the prior narrative of “cutting rates to sustain growth”—the probability of a September rate hike surged to 60% overnight, and Citigroup has pushed its forecast for the first rate cut to mid-2027. The short squeeze that dominated yesterday has now been fully reversed by the data: BTC has retreated to $79.4K (-2.2%), ETH is down -2.3%, and SOL led the decline at -3.3%. The 24-hour liquidation trend has flipped—over the past few hours, it’s longs being wiped out. The daily trend remains intact, with all three assets still trading above their moving averages, but upward momentum is steadily fading, and the catalyst has now turned hawkish. The final judgment arrives next week: CPI. Strong data means rate hikes are on; soft data brings relief. Don’t rush to chase the drop, and don’t go naked short on the 1H rebound. Keep your ammunition for next week.