ADP’s June hiring miss leaves Bitcoin near $58,773 as Treasury yields rise
AI Market Summary
June ADP jobs growth slowed to 98k vs 110k expected, but rising Treasury yields (~4.38% 10y) and a hawkish Fed backdrop kept easing expectations contained, with markets still pricing meaningful odds of a July hike. That combination tightens financial conditions for non-yielding risk assets. BTC remained under pressure near $58,773 after a steep monthly drawdown, alongside record June spot ETF net outflows ($4.5B).
Impact level
● High
Affected assets
BTC/USDT+3.29%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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On July 1, ADP reported that U.S. private-sector employers added 98,000 jobs in June, below the 110,000 forecast and the lowest level in about six months. Nearly half of the gains came from education and health services, while leisure and hospitality added just 2,000 jobs. Even with the weaker print, the 10-year Treasury yield climbed to 4.38% and markets priced a 33.7% chance of a Federal Reserve rate hike at the July meeting. Bitcoin fell to $58,773 and was down more than 17% over the past month, while U.S.-listed spot Bitcoin ETFs saw $4.5 billion of net outflows in June, according to SoSo Value.
