小非农

US Bitcoin spot #ETF had a net inflow of $887 million yesterday, the second highest level in history. Asset management scale exceeded $60 billion, a record high. BTC price broke through 71k again, and the second round of ETF positions began to take effect as scheduled. Due to the liquidity relaxation brought about by the slowdown of balance sheet reduction in June, the unprecedented inflow channels of traditional global capital are expected to help push BTC prices to break through resistance and rise.

The prices of all risk assets are essentially betting on the Fed's interest rate cut expectations. If you want to cut interest rates, you must have data such as employment and CPI, especially data results that exceed expectations. Since the release of CPI and PCE, the current situation is that interest rates will be cut once in September and November, and the focus of the game is on the number of interest rate cuts. However, there is still no speculation about the early month of interest rate cuts. Although the probability of inflation being less than 2% or the unemployment rate being greater than 4% is currently very low, once it happens, the sentiment of early interest rate cuts will be ignited.

ADP private payrolls data showed the slowest growth since 2021, heightening concerns about a slowdown in the U.S. labor market.
The United States released the ADP employment report, known as the "small non-farm", on Thursday, showing that private sector employment increased by 99,000 in August after seasonal adjustment, the lowest since January 2021, far below the 144,000 expected by economists and less than the 111,000 in July after the downward revision.
The ADP data further confirmed the weakness in the labor market and increased bets that the Federal Reserve will cut interest rates by 50 basis points later this month.
U.S. Treasury yields fell after the ADP data, with the 10-year note down 3 basis points to 3.727%, weighing on the dollar. The dollar index, which measures the greenback's value against six other currencies, fell more than 0.21% to 101.05.