Metric | Value |
|---|---|
BTC price | $75,685 |
24h change | -1.4% |
October payrolls | 165,000 |
Unemployment rate | 4.1% |
December Fed hike odds | 79% |
Spot Bitcoin ETF net outflows Thursday | $430.2M |
The US Labor Department reported 165,000 new jobs for October on Friday, nearly triple the 59,000 economists expected. The print pushed December rate hike odds to 79% while Bitcoin stayed close to flat at $75,685.
What the report shows
Unemployment fell to 4.1% from 4.2%, against a consensus for no change. Average hourly earnings rose 0.4% on the month and 3.1% on the year, both above estimates.
Sector | Jobs added |
|---|---|
Professional and business services | 70,000 |
Health care | 42,000 |
Transportation and warehousing | 25,000 |
Manufacturing | 19,000 |
Prior months were revised higher: August to 186,000 (+53,000) and September to 60,000 (+31,000). The two-month total is 84,000 stronger than first reported.
How Bitcoin reacted
BTC spiked above $76,100 right after the release, then slid toward $75,600. The day's range ran from $75,240 to $76,280, leaving the price little changed from its pre-release level.
A short squeeze on Wednesday had lifted BTC near $80,000. On Thursday the price dipped toward $75,200 late in the session, then recovered into the mid-$75,000s overnight.
Coin | Price | 24h | 7d | Market cap |
|---|---|---|---|---|
BTC | $75,685 | -1.4% | -1.9% | $1.52T |
ETH | $2,226.91 | -2.1% | -0.3% | $272.1B |
Fed hike odds
CME FedWatch puts a 79% probability on a 25 basis point hike at the Dec. 9 meeting, up from about 70% into the open. The next employment report lands on Dec. 4, five days before the decision.
Nasdaq correction and ETF outflows
On Thursday the Nasdaq Composite fell about 5.5% and entered correction territory, more than 10% below its recent high, while the S&P 500 lost 4.4%. Bitcoin has traded alongside the tech-heavy complex for most of the year.
- US spot Bitcoin ETF net outflows on Thursday: $430.2M
- FBTC (Fidelity): about $200M
- IBIT (BlackRock): about $105M
- Week-to-date redemptions through Thursday: about $870M
More than $1B in crypto positions were liquidated over 24 hours, mostly longs opened during Wednesday's bounce.
Levels to watch
The $75,000 - $75,500 zone held on election night and several times since August. Below it, the next reference point is September's low.