Analysis: The employment data was worse than expected, concerns about economic recession, and large transfers by Jump Crypto led to a decline in the cryptocurrency market.

Odaily Odaily News Regarding this round of market decline, Justin d'Anethan, head of business development for Asia Pacific at cryptocurrency market maker Keyrock, said: "Unlike in the past, this market is dominated by feelings rather than Bitcoin, of course, this is because of Ethereum spot ETF trading and large investors unwinding their ETHE (Grayscale ETH Fund) positions." Min Jung, an analyst at Presto Research, said that the decline of Bitcoin and Ethereum can be attributed to several factors. "First, the employment data released last Friday was significantly lower than expected, with only 114,000 jobs added. This has exacerbated concerns about a recession, causing the Nasdaq to fall 2.43% and the S&P 500 to fall 1.84%. "Last weekend, there was news that Berkshire Hathaway, owned by Buffett, sold nearly half of its holdings in Apple in the second quarter, which may also put further pressure on the stock market. In addition, at the end of last week, Jump Crypto, the encryption department of Jump Trading, appeared to begin transferring hundreds of millions of dollars worth of crypto assets, including Ethereum and USDT. This has led many to speculate that the company may be liquidating its crypto assets amid the U.S. CFTC investigation. Jung said: "Jump Trading has been moving ETH to a CEX because there are rumors that they may be forced to exit the crypto business due to the CFTC investigation." (The Block)