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Currently, the market is basically quiet on days with non-farm data; it has been so stagnant that it leaves little to the imagination, just sideways, waiting for non-farm data to provide direction. Macroeconomically, last night the U.S. released several data points. The first is the ADP employment data for May, which showed that only 37,000 jobs were added, significantly less than the expected 110,000, directly triggering Trump's reaction, calling on Powell to immediately cut interest rates, saying Europe has cut rates 9 times this year while the U.S. hasn't done it once.
The second macro data is that the ISM services PMI for May has contracted for the first time in nearly a year, with a significant drop in demand, indicating that the U.S. may experience a period of very slow growth and high inflation, which can be considered slightly negative data.
The third data point is the Federal Reserve's Beige Book showing a decline in the economy, with tariffs exerting upward pressure on cost prices. Overall, these data points do not significantly affect the Fed's interest rate cut pace; ADP being lower than expected happens frequently. The key still lies in the non-farm employment data. As for Trump's comments, Powell likely has them automatically filtered out, not affecting the pace. CME's forecast still indicates a rate cut in September, with 2-3 cuts by the end of the year.
Bitcoin and Ethereum ETFs have maintained an inflow of funds; overall, institutional interest in crypto is still present but the market performance is mediocre. Tariffs are still hovering in the emotional space, which is also why major funds are not easily pushing the market up. However, ETH has been quite strong recently, partly because Vitalik has increased his ETH holdings. The Ethereum Foundation also announced a new fiscal policy last night, planning to reduce operating expenses to 5% as a long-term benchmark within five years, which seems to end the monthly sale of 100 ETH, definitely favorable for the coin price.
Regarding altcoins: the stablecoin sector is currently a hot topic area. I previously mentioned several stablecoins in this sector, which can be referred back to, so I won't repeat them. If the framework bill passes, it will be a milestone. It is indeed favorable for the stablecoin sector. Also, regarding staking, the SEC recently clarified that staking does not fall under the category of securities, so the staking sector is likely to be a hotspot after the overall market stabilizes.
MKR
An old brand that has a deep cooperation with USDC, it is the supporting project behind Dai, with a clear narrative and a moderate market value, showing potential for upward elasticity.
ONDO
A popular representative of the RWA sector, the concept is sound, but its size is relatively large, which may be more suitable for long-term holding, with average short-term explosive potential.
ENA and CRV
These two can be directly packaged together, both are stablecoin protocol sectors and have the highest market attention and trading volume.
In summary:
ENA is currently one of the few 'hot stacking' projects, suitable for forward-looking layouts; MKR is steady and solid; ONDO is relatively conservative but safe, CRV has experienced a significant surge in the early stages and is currently consolidating for a period, a new explosion is just a matter of time.