While the crypto community is waiting for the U.S. jobs report, the on-chain metrics already show preparation for a bull market. As of Friday, the latest market insights point out a notable increase in open interest ahead of the issuance of the jobs data.
As mentioned by XWIN Research Japan on CryptoQuant, this market outlook indicates that the capital is significantly being set for a likely breakout. Hence, as the macro conditions back risk assets, the crypto landscape is moving toward a potentially explosive bull run.
Stablecoin Surge Highlight $BTC Breakout Before U.S. Jobs Report
In line with the exclusive data, the market is potentially nearing a massive leg up while the community members are anticipating the U.S. jobs report. Hence, the net inflow rates of stablecoins indicate a considerable spike in deposits into the crypto exchanges. This indicator serves as a classic precursor to noteworthy market action.
Particularly, $USDC and $USDT have claimed the top positions in this respect while being ready for deployment into $ETH and $BTC during major events. In the meantime, the traders are currently bracing for the impending jobs data as it is expected to play the role of a catalyst. Apart from that, the Open Interest of Bitcoin ($BTC) has jumped near record level, surpassing $40B across exchanges.
Bitcoin Consolidates, with Market Eyeing Jobs Data and Liquidity Jump
At the same time, Bitcoin ($BTC) is consolidating around $110, highlighting forceful positioning instead of caution. Additionally, the merger of stablecoin liquidity and high leverage has often led to sharp price action, as shown by present conditions. Moreover, with Fed rate-cut odds moving around 97% even just a neutral jobs data could pave the way for huge liquidity on exchanges.
Apart from that, as the CryptoQuant report reveals, weaker-than-anticipated data would further fuel the rate cut case. It would weaken the dollar and raise risk-on flows into $ETH and $BTC. However, whether the job statistics disappoint or surprise, the crypto landscape seems prepared for a move.
