Grayscale Bitcoin Trust ETF Surges 2.16% After June Payrolls Miss
BTC•Grayscale Bitcoin Mini Trust ETF (BTC) jumped 2.16% on July 2 after June nonfarm payrolls rose just 57,000 versus 115,000 forecasts and unemployment fell to 4.2%. Weaker labor data curtailed Fed rate-hike prospects, boosting demand for Bitcoin and related trust shares as markets price in a policy pause.
1. June Nonfarm Payrolls Disappoint
June nonfarm payrolls increased by 57,000, well below consensus of 115,000, while unemployment ticked down to 4.2%, signaling a slowdown in labor market momentum.
2. Fed Rate-Hike Prospects Eased
The weak jobs report prompted markets to reduce odds of further Federal Reserve rate hikes this year, with futures traders pricing in a sustained policy pause.
3. Bitcoin Trust ETF Jumps
Grayscale Bitcoin Mini Trust ETF climbed 2.16% as investors rotated into digital assets, reacting to the diminished rate-hike outlook and seeking yield alternatives.
4. Equity Futures Also Gain
U.S. equity futures on the S&P 500, Nasdaq-100 and Dow rose sharply, closing a holiday-shortened week on a positive note alongside the crypto rally.
