Last night, the US announced the number of first-time unemployment claims for the week of May 11 and the number of people who continued to apply for benefits on May 4. Both data were higher than expected, which means that the labor market is cooling down, which is a small positive for future interest rate cuts. However, last night, the third-ranking Fed Chairman Williams of the New York Fed cooled down the CPI data from the day before yesterday. He said that although the April CPI was a positive development after the disappointing data in the previous few months, he was still not sure that price pressure would continue to move towards the Fed's 2% inflation target, so there would be no interest rate cut for the time being. CME's latest forecast for interest rate cuts has also been updated. The probability of a rate cut in September has fallen slightly compared to the night of the CPI announcement. The current probability is about 68%. The current September rate cut data has formed a strong correlation with the US stock market, which is also the main reason for the slight decline in the US stock market last night.

ETFs performed very well last night, with a total net inflow of $257 million. It is gratifying that BlackRock returned to being the leader last night, with a single-day inflow of $93.7 million. Fidelity also performed well with an inflow of $67 million. Cathie Wood's ARKB has been the main inflow recently, contributing $62 million last night. BRRR and GBTC had inflows of 18.5 million and 4.6 million respectively. Including last night, this week has seen four consecutive net inflows. If it can be maintained tonight, then Bitcoin is expected to hit 70,000 again this weekend;

Compared to Bitcoin's success, Ethereum is more depressed. The exchange rate of the coin continues to fall to new lows, reaching a low of 0.044 last night, but it rebounded during the day today. This may be related to the recent surrender of a whale who was long on the ETH/BTC exchange rate. This whale sold 3,886 ETH today to repay part of the money. In addition, Coinbase recently published an article expressing optimism about ETH, saying that there is a lot of room for growth in the coming months, which also brought certain confidence to ETH holders. However, these do not affect the short-term trend of ETH continuing to weaken relative to BTC. After all, the negative impact of the rejection of the ETF has not really landed, and the market still needs this last drop.