Job market's showing some serious cracks lately. A tracking firm just dropped numbers that should get your attention — U.S. companies axed roughly 153,000 positions in October 2025 alone. That's the ugliest October we've seen in over 20 years.

By the time November rolled around, the annual tally had already blown past 1.1 million job cuts. These aren't just stats on a page. When payrolls shrink this hard, consumer spending takes a hit, and that ripples straight into risk assets. Crypto doesn't live in a vacuum — macro headwinds like this tend to squeeze liquidity and shake out weaker hands. Keep this context in your back pocket when you're reading charts.