U.S. non-farm payrolls data for May was stronger than expected, and expectations of a September rate cut by the Federal Reserve have weakened | Binance Morning Report (June 8)

● US non-farm payrolls data for May was stronger than expected, and expectations of a rate cut by the Federal Reserve in September weakened

According to Jinshi, the US non-farm payrolls data released on Friday was stronger than expected, showing that the job market remains strong, which has reduced the hope of the Federal Reserve to cut interest rates in September. The data showed that non-farm payrolls increased by 272,000 in May, far higher than the expected 185,000.

● US unemployment rate in May reached 4%, a two-year high

According to PANews, the seasonally adjusted non-farm payrolls in the United States in May were 272,000, exceeding the expected 185,000 and the previous value of 175,000. At the same time, the unemployment rate in the United States in May was 4%, which was expected to be 3.90% and the previous value was also 3.90%. This is the first time that the unemployment rate in the United States has risen to 4% in more than two years.

● QCP Capital: Non-farm payrolls data exceeding expectations and rising unemployment rate trigger risk aversion

According to Odaily Planet Daily, QCP Capital said in its latest market analysis that the unexpectedly higher-than-expected non-farm data and the rise in unemployment are enough to trigger risk aversion before the release of US inflation data and FOMC next Wednesday. In addition, Roaring Kitty's live broadcast attracted nearly a million viewers, and GME's stock price plummeted during this period. Altcoins and Meme coins fell simultaneously, with market value evaporating by more than $40 billion. There was a bullish flow of funds in this decline, including sellers of aggressive put options and buyers of call spreads, especially BTC.

QCP Capital believes that this decline is a good opportunity to buy on the dip, as the market will increasingly price in the impact of at least one rate cut from the Federal Reserve from now on. As other countries around the world continue to cut interest rates, it will be difficult for the United States to ignore this.

● Arthur Hayes: The cryptocurrency bull market is "reawakening" after the Canadian and European central banks cut interest rates

According to Foresight News, Arthur Hayes said that the cryptocurrency bull market is "reawakening" after the Bank of Canada and the European Central Bank cut interest rates. The Bank of Canada was the first major central bank to cut interest rates this year, reducing interest rates by a quarter percentage point to 4.75%, while the European Central Bank cut interest rates by a quarter percentage point to 4.25%.

● 21.co co-founder: Expectations for new altcoin ETFs should not be too high

According to Odaily Planet Daily, 21.co co-founder and president Ophelia Snyder said that expectations for new altcoin ETFs should not be too high, and the approval of the Ethereum ETF is unlikely to trigger a wave of approvals for altcoin ETFs such as SOL. Ophelia Snyder revealed that the European market has a great interest in Solana exchange-traded products (ETPs), and its related products currently have an asset management scale of US$990 million.

● Ethereum L2 total TVL hits a record high of $45 billion

According to Foresight News, according to data from growthepie, the total TVL (total value locked) of Ethereum L2 has risen to US$45 billion, a record high.

● On June 7, 9 ETFs increased their holdings by 3,689 BTC, and ARK 21Share reduced its holdings by 1,364 BTC

According to TechFlow, on June 7, 9 ETFs added 3,689 BTC (equivalent to $261.91 million). Among them, BlackRock added 4,896 BTC (equivalent to $347.61 million) and currently holds 302,540 BTC (equivalent to $21.48 billion). ARK21Share reduced its holdings by 1,364 BTC (equivalent to $96.84 million) and currently holds 48,939 BTC (equivalent to $3.47 billion).