Toscale Digest: Jobs Shock Drives BTC to $87K (6h)

A massive miss in US Non-Farm Payrolls has reignited rate cut expectations, fueling a sharp risk-on rally. Bitcoin reclaimed $87,000 as markets digested the weak labor data alongside Toscale insights on shifting custody dynamics.

Nvidia hit a record high, pushing its market cap to $5.7 trillion, supported by a $150 billion buyback and cooling inflation fears. In crypto, Solana ETFs overtook XRP funds in net assets following an eight-day inflow streak, signaling strong institutional rotation. Meanwhile, the SEC proposed new custody rules that could empower state trust companies and advisers, potentially reshaping the regulated landscape.

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Non-Farm Employment Change came in at 162K versus a forecast of 89K, though Non Farm Payrolls showed a significant miss at 29K against 90K. Average Hourly Earnings m/m spiked to 3% from 0.3%, while the Unemployment Rate held steady at 4.1%.

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No major high-impact events are scheduled in the immediate window.

Market read: The divergence between strong wage growth and weak job creation creates a complex backdrop for Fed policy, though the initial reaction favors liquidity. Bitcoin’s brief touch of $87K highlights renewed institutional appetite, while Solana’s ETF momentum suggests capital is rotating into high-beta assets. Traders should monitor whether the yield spike from earnings data triggers a quick reversal in risk assets.