US initial unemployment claims rise to highest level since 2021
Bitcoin and Ethereum Seem Unfazed by SEC Lawsuit
But the trading venue has shifted.Bitcoin held and traded in the United States is declining, shifting to the Asian market

Crypto investors, reeling from US Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase, are taking a breather on June 8 with employment data showing positive potential. I was able to
The number of initial unemployment claims in the week ending June 3 rose to 261,000 compared to an expected 235,000. It was the highest level since October 2021. The surge points to a possible cooling in a robust labor market.
A strong labor market has been seen as an obstacle in the Federal Reserve’s quest to keep inflation under control. Data that the labor market may be starting to cool suggests that the Fed’s efforts are yielding positive results, making it more likely that it will pause rate hikes after almost a year. Probably positive for asset prices.
According to Chicago Mercantile Exchange (CME) Fedwatch, there is a 71.4% chance interest rates will remain at the current target rate of 5% to 5.25%, down from 72.5% the day before.
Ahead of the next rate hike decision on the 14th, attention is focused on the core inflation rate for May, which will be announced by the US Bureau of Labor Statistics on the 13th. It is currently expected to rise by 0.3%. Rising inflation is of course negative for the Bitcoin price, while falling inflation is positive.
“Fear and greed” does not move
Despite news of the SEC’s lawsuits against two major exchanges this week, the market reacted as if it had been expected.
The Fear & Greed Index measures market sentiment by combining Bitcoin price volatility, market momentum, and market capitalization. 0 indicates “extreme fear” and 100 indicates “extreme greed.”
The current number is 50, a neutral value that has remained roughly flat since May.
From America to Asia
While the low volatility suggests that investors are unfazed by the SEC lawsuit, Glassnode data shows that Bitcoin trading has shifted geographically.

A clear divergence is visible in the year-over-year BTC supply change based on geographical regions. The extreme dominance of US entities in 2020-21 has clearly reversed, with US supply dominance falling by 11% since mid-2022.
European markets have been fairly neutral over the… pic.twitter.com/5AwNBYK6BZ
—glassnode (@glassnode) June 8, 2023
Bitcoin held or traded in the US has dropped 11% since mid-2022, with much of it shifting to Asian markets.
The SEC’s regulatory stance did not appear to change the demand for crypto assets. But it seems to have affected where demand is being met.
｜Translation: coindesk JAPAN ｜Editing: Takayuki Masuda ｜Image: glassnode ｜ Original: Jobs Data Offers Faint Hope for Digital Assets Even as Investors Fret Over Binance, Coinbase Suits


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