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Overnight, the downward revision of U.S. non-farm payrolls highlighted a weaker labor market, sparking concerns that the Fed might delay rate cuts, triggering a selloff.

These worries eased after the July FOMC minutes revealed some policymakers were open to rate cuts, signaling a more dovish stance balancing inflation and employment goals.

The dovish tone lifted risk assets, pushing BTC above $61,800, fueled by strong buying on Coinbase until 4 a.m. SGT. Aggressive bids on Coinbase (indicating U.S. onshore demand) have been a good signal for short-term trends.

Attention now turns to Fed Chair Powell’s Jackson Hole speech tomorrow for more rate-cut signals.

Trade Idea

With markets betting heavily on rate cuts, unexpected economic data can have a significant impact. We favor principal-protected products capturing topside gains.

Principal Protected BTC Topside Sharkfin Maturity: 27DEC24 Strike: 70,000 BTCUSD Barrier: 88,000 BTCUSD Cost: Zero Max Potential Payout: 73.90% p.a.

Spot Ref: 61,350 BTCUSD

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Disclosure: The authors of this content and members of Nansen may be participating or invested in some of the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Nansen does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Nansen at any time without notice. Nansen accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.