Bitcoin (BTC) and Ethereum (ETH) saw relatively little price volatility last week as traders focus on upcoming macroeconomic data releases, including the May jobs report on Friday, CPI and FOMC minutes next Wednesday, and PPI data next Thursday. In addition, the launch of a spot Ethereum ETF in the coming weeks is highly anticipated.
Analysts at Secure Digital Markets noted: “The development of macroeconomic data will continue to influence trader sentiment for the rest of the year.” They added that despite the mediocre performance of economic indicators, market sentiment remains active, thanks to the firm conviction of long-term investors and the expectation of spot ETF approval.
The analysts also mentioned: "On-chain data shows that more than half of Bitcoin's supply is idle, indicating long-term confidence in this asset."
They further pointed out: "The market is currently in a narrow range, which indicates that traders lack decisive action. It looks like we may be entering a summer downturn, but the current low trading volume and market stagnation are more likely due to the lack of obvious catalysts to drive a market breakthrough."
Crypto hedge fund QCP said in an update on Tuesday: "We expect this Friday's non-farm payrolls data to further boost market bullish sentiment. The market currently expects no interest rate cuts in June and July. If the non-farm payrolls data performs poorly, this expectation may change."
