US Non-Farm Payrolls Plunge Triggers Global Markets; Tokenized US Stocks Reach a Historic Milestone
1. Unexpected Sharp Drop in Non-Farm Data Raises Macroeconomic Alarms
The U.S. Department of Labor’s September non-farm employment report shocked the market: the number of newly added jobs was only 29,000, far below market expectations of 90,000, and a steep decline from the prior value of 133,000. At the same time, the unemployment rate rose to 4.2%, also exceeding market expectations. This data was widely interpreted as a strong signal that the U.S. economy is slowing, driving investors’ deep expectations that the Federal Reserve will shift its policy.
After the release, market expectations for Fed rate hikes cooled sharply, with the probability of a hike falling below 20%. Investors quickly adjusted their asset allocation strategies, moving funds from safe-haven assets to risk assets, which fueled a major surge in both the cryptocurrency market and certain tokenized US stock assets. This macro shockwave not only impacted traditional financial markets, but also sparked a chain reaction in the blockchain and tokenized asset sectors.
2. Bitcoin Breaks Strongly Above $88,000; ETF Inflows Keep Pouring In
Driven by the negative impact on the traditional economy from the non-farm data, but the positive outlook for monetary easing, Bitcoin quickly broke above the $88,000 threshold. Bitcoin ETFs recorded a net inflow of $102.7 million on the first trading day of October, continuing the strong momentum from the third quarter. Data shows that in September alone, the total net inflow to Bitcoin ETFs reached $2.65 billion, setting the highest quarterly record for 2026.
Citibank subsequently raised its 12-month target price for Bitcoin to $113,000, citing reasons including continued ETF capital attraction, a weaker U.S. dollar, and liquidity benefits from U.S. Treasury repo operations. Plaza data shows that in the past 24 hours, Bitcoin was mentioned more than 29,000 times; nearly 10,000 independent discussion authors engaged, and market sentiment was clearly tilted bullish. Meanwhile, the Bitcoin funding rate tripled to 10%, reflecting a surge in bullish enthusiasm in the derivatives market.
3. Tokenized Stocks on BNB Chain Break Through the $1 Billion Mark; RWA Track Accelerates Expansion
Amid macro market turbulence, BNB Chain became the first blockchain platform where the total market cap of tokenized stocks and ETFs exceeded $1 billion. The overall size of the tokenized real-world assets market reached $3.7 billion, with recent growth of about 17%. This milestone signals that traditional financial assets being put on-chain is moving from concept to large-scale implementation.
So far, multiple tokenized US stock products have been launched on BNB Chain, covering sectors such as emerging market ETFs and biotech/pharmaceuticals. The tokenized US stock perpetual contract market is also active: MAGMA’s daily gain exceeded 44%, SAND rose 37%, and VELVET gained more than 30%, indicating that investor trading interest in tokenized US stock-related assets continues to heat up.
4. Regulatory Environment Continues to Improve; Entry Barriers for Institutions Lower
Under the leadership of newly appointed SEC Chair Paul Atkins, the U.S. Securities and Exchange Commission proposed new custody standards for crypto assets for registered investment advisers and regulated funds. Under certain conditions, self-custody arrangements are permitted. This adjustment in the regulatory framework is expected to remove key obstacles that have hindered institutional investors from entering, opening the floodgates for a large influx of new capital into the digital asset market.
At the same time, Binance Pay and Japan’s major QR payment platform PayPay have reached an integration, enabling crypto payments to cover millions of merchants in Japan—an important step forward for crypto assets in real-world consumption scenarios. Binance founder CZ met with Vietnam’s top leadership in New York to discuss promoting crypto adoption, further releasing positive signals regarding greater clarity on crypto regulation in Southeast Asia.
5. Outlook and Risk Reminder
Overall, the weakness in the non-farm data provides data support for a Fed shift toward a more dovish stance. In the near term, risk assets—including cryptocurrencies and tokenized US stocks—are expected to continue the rebound. However, investors should note that month-to-month employment data can be revised, and over-optimistic market expectations may be corrected, creating pullback risks. While tokenized US stocks are growing quickly, liquidity and regulatory compliance remain core issues that require ongoing attention. It is recommended that investors, while capturing macro turning points, manage position sizes reasonably and monitor the subsequent validation of economic data.
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