The Kobeissi Letter finds 21 of the past 30 monthly US payroll reports were revised downward, removing 1.05 million jobs from initial estimates (an average of 35,067 jobs per month), with May–June revisions cutting 103,000 jobs and July payrolls down 23,000. Crypto markets are tracking these revisions through Fed policy, Treasury yields and dollar moves, which could affect risk appetite, token markets, CEX and DeFi flows. The persistent downward revisions raise concerns about the reliability of preliminary labor data and the implications for interest-rate pricing and crypto adoption.
Bearish
