Six-Year Study Finds US Jobs Reports Barely Move Bitcoin

The US nonfarm payrolls report, published by the Bureau of Labor Statistics, is a closely watched gauge of labor-market strength and a key input into expectations for Federal Reserve policy. Bitcoin often trades as a macro-sensitive risk asset, but the extent to which a monthly employment release independently drives the cryptocurrency’s price has remained open to debate.

An analysis of six years of bitcoin market data found that NFP releases were not significant price movers. The results suggest bitcoin’s immediate response to the employment report was weaker than commonly assumed, challenging strategies that treat the monthly jobs figures as a reliable directional catalyst. The study indicates traders may be overstating the report’s short-term explanatory power relative to broader liquidity, interest-rate and crypto-specific forces.