Latest U.S. nonfarm payrolls came in weaker than expected, weighing on U.S. Treasury yields, while Bitcoin briefly rose to $87,000. During the same period, several other notable developments emerged in the crypto market: the SEC proposed easing crypto custody rules, paving the way for investment advisers to offer crypto assets to clients; Bitcoin ETFs saw a single-day net inflow of $103 million, while Ethereum ETFs recorded three consecutive days of net outflows; Evernorth was approved to list on Nasdaq, with its XRP reserves valued at about $710 million; and Blast announced a gradual shutdown of its Ethereum L2, urging users to migrate assets to the mainnet. The following is a roundup of the day's major crypto market news, with the linkage between the nonfarm payrolls data and Bitcoin's price as the most closely watched core event.
Nonfarm payrolls were the trigger for Bitcoin's short-term move. After the data release, the market's interpretation of Federal Reserve rate cut expectations and macroeconomic employment data was quickly reflected in asset prices. Available information shows that the weaker-than-expected nonfarm payrolls weighed on U.S. Treasury yields, and Bitcoin briefly touched $87,000. Bitcoin's price is directly linked to Fed rate cut expectations and macroeconomic employment data, making this the event with the highest market impact and user attention. From the transmission chain, crypto assets are reacting sensitively to traditional macro variables, and Bitcoin's short-term pricing is no longer driven only by industry-specific news; macro employment and interest rate expectations have also become important variables.
U.S. Treasury yields are generally viewed as one of the key benchmarks for global asset pricing. When nonfarm payrolls miss expectations and weigh on Treasury yields, the market reassesses the risk-free rate and liquidity environment. As a representative crypto asset, Bitcoin's short-term price reaction is therefore amplified. In this move, nonfarm payrolls were the trigger, Treasury yields were the transmission channel, and Bitcoin's price was the result. It should be noted that the disclosed materials do not provide the specific components of the nonfarm payrolls data, the exact change in Treasury yields, Bitcoin's trading volume, or its subsequent price path. Therefore, relevant analysis should focus on confirmed facts and avoid excessive extrapolation from undisclosed information.
In terms of the nature of the event, this move was jointly formed by macro data, Treasury yields, and Bitcoin's price. The disclosed information treats the direct linkage between Bitcoin's price and Fed rate cut expectations and macroeconomic employment data as a key fact, and does not provide a single industry-specific event as a trigger. Therefore, traders are watching not only the employment data itself but also its impact on Treasury yields and monetary policy expectations. The macro data release window has thus become a time point of high attention for users and institutions.
On the regulatory front, the SEC proposed easing crypto custody rules, paving the way for investment advisers to offer crypto assets to clients. Disclosed information shows that the regulatory proposal directly affects the path for investment advisers and institutional funds to enter the crypto market, making it a high-priority regulatory development. This development ran parallel to the day's macro market moves, indicating that regulators continue to advance rule adjustments related to institutional access.
On fund flows, Bitcoin ETFs saw a single-day net inflow of $103 million, while Ethereum ETFs recorded three consecutive days of net outflows. ETF fund flows are a key indicator for judging institutional demand and market sentiment, and the divergence between BTC and ETH flows has informational value. The difference in fund performance between Bitcoin and Ethereum ETFs provides a direct reference for observing institutional demand.
On institutional and project developments, Evernorth was approved to list on Nasdaq, with its XRP reserves valued at about $710 million. A large XRP reserve company listing on Nasdaq reflects the acceptance of crypto assets by institutionalization and public markets, drawing high market attention. Meanwhile, Blast announced a gradual shutdown of its Ethereum L2 and urged users to migrate assets to the mainnet. The shutdown of a leading Layer 2 affects the Ethereum ecosystem landscape and user asset migration, carrying industry warning and broader implications.
In terms of information completeness, the day's crypto market news centered on four areas: macro linkage, regulatory changes, fund flows, and project adjustments. On the macro side, nonfarm payrolls missed expectations, Treasury yields were weighed down, Bitcoin briefly touched $87,000, and Bitcoin's price was directly linked to Fed rate cut expectations and macroeconomic employment data. On the regulatory side, the SEC's custody rule adjustment affects the path for investment advisers and institutional funds to enter the crypto market. On the fund side, the divergence between net inflows and outflows for Bitcoin and Ethereum ETFs reflects short-term differences in institutional demand. On the project side, Evernorth's listing and Blast's shutdown respectively reflect public-market acceptance of crypto assets and adjustments in the L2 ecosystem.
Going forward, the market needs to watch how Fed rate cut expectations change, whether Treasury yields continue in their current direction, and Bitcoin's price performance around $87,000. At the same time, whether the SEC custody rules enter the next stage, whether Bitcoin and Ethereum ETF fund flows continue to diverge, Evernorth's market performance after listing, and the progress of Blast user asset migration will also become important clues for observing the crypto market. The disclosed information does not provide additional policy signals or upcoming economic data arrangements, so the market still needs to wait for new macro and regulatory information for confirmation. Overall, the weaker-than-expected nonfarm payrolls and Bitcoin's brief touch of $87,000 constitute the most closely watched macro linkage event in the crypto market at present, while other regulatory, fund flow, and project developments provide supplementary observations for the period ahead.
