Hawkish Nonfarm Shock and Tokenized Deposit Optics: Macro Repricing Weighs on Crypto Liquidity as BTC Defends $78K

Strong August payrolls have lifted September Fed hike odds to near 60%, triggering de-risking across digital asset markets. A $107M whale long liquidation and neutral stablecoin flows underscore institutional caution, even as tokenized deposit milestones fail to move the liquidity needle.