According to ChainCatcher, QCP Capital posted on its official channel that the US JOLTs job vacancy data fell to the lowest level since January 2021, while layoffs rose to the highest point since March 2023. The market reaction is to expect a 50% chance of a 50 basis point rate cut by the Federal Reserve in September.

BTC rose to over $58,500 and ETH near $2,500 during the U.S. trading session, but prices fell back to $57,000 and $2,400, respectively, during the Asian trading session. Overnight BTC spot ETF outflows were the lowest in the past 6 trading days (-$37.5 million).

Volatility remains elevated at the front end of the week, with BTC volatility up 6% from this week’s low. Given yesterday’s VMI signal, we expect volatility to remain elevated.