After US Employment Data Release, Mainstream Cryptocurrencies Experience a Short-Term Rebound

Mainstream cryptocurrencies hovered near the flatline as global investors awaited the release of US employment data and a potential Supreme Court ruling on global tariffs. Bitcoin (BTC) was trading near $90,000, while Ethereum (ETH) was around $3,118. The broader crypto market capitalization remained in the $3.08–3.1 trillion range.

Bitcoin spot ETF products in the US experienced net outflows of $399 million on Thursday, continuing a trend seen over the previous two days. Ethereum ETFs also faced outflows of $159 million. These outflows reflect cautious investor sentiment ahead of key macroeconomic events.

Analysts noted the broader crypto market was in a consolidation phase, with mixed sentiment and limited directional movement. Bitcoin, in particular, was testing support between $89,000 and $90,000, with limited follow-through buying evident.

Why the Move Happened

The US labor market data and the Supreme Court ruling on tariffs were the primary factors influencing investor behavior. The data, expected to show 60,000 nonfarm payroll additions, would shape expectations for Federal Reserve policy. A strong jobs report could delay rate cuts, increasing pressure on risk assets such as cryptocurrencies.

The Supreme Court ruling on the Trump administration's use of emergency powers to impose tariffs was also a focus. The ruling could have wide-ranging implications for global trade and investor confidence.

How Markets Responded

Bitcoin and Ethereum experienced short-term rebounds as the market reacted to the data release. Bitcoin rose nearly 1% in the past 24 hours, while Ethereum posted a similar gain. However, broader market sentiment remained cautious due to the uncertainty surrounding the key macroeconomic developments.

Major altcoins such as XRP, BNB, and Solana saw gains of over 3% in the past 24 hours. Meanwhile, Dogecoin and Cardano declined by up to 6%. The mixed performance highlighted the fragmented nature of the crypto market, with divergent reactions across different asset classes.

ETF outflows continued to weigh on the market. The iShares Bitcoin Trust ETF (IBIT) topped outflows with $193 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) recorded $121 million in outflows. Grayscale Ethereum Trust (ETHE) also faced outflows of $52 million.

What Analysts Are Watching

Analysts are closely monitoring Bitcoin's ability to reclaim key resistance levels around $90,500–$91,000. A failure to hold these levels could indicate further short-term pressure. Additionally, the broader market is watching for any shifts in investor sentiment following the release of the jobs data and the Supreme Court ruling.

Market participants are also tracking the impact of the MSCI decision not to exclude digital asset treasury companies from its global indices. This decision provided some relief to crypto holders, particularly those with significant Bitcoin exposure.

The Trump administration's pro-crypto policy shifts, including the GENIUS Act and the upcoming launch of stablecoin settlement systems, are also in focus. These developments are expected to accelerate regulatory clarity and institutional adoption.