Bitcoin Falls Despite U.S. JOLTS Job Openings Missing Expectations

Core Insights - Bitcoin experienced a decline, briefly dropping below $91,000 following the release of the November JOLTS job openings data, which came in at 7.1 million, significantly below the expected 7.6 million [2][3][4] - The weak job data suggests a softening labor market, which may lead to further rate cuts by the Federal Reserve, potentially benefiting Bitcoin and the broader crypto market [4][6] - Bitcoin ETFs recorded their first outflow of the year, with net outflows of $243.24 million, primarily driven by Fidelity, which saw $312.24 million leave its fund [7][8] Job Market Data - The November JOLTS job openings data indicates a labor market weakness, marking the lowest level in over a year, which strengthens the case for more rate cuts [3][4] - Fed Governor Chris Waller has indicated that the labor market conditions are prompting the need for additional rate cuts [4][5] ETF Activity - The outflows from Bitcoin ETFs occurred just a day after a significant inflow of nearly $700 million, indicating volatility in investor sentiment [7] - BlackRock deposited 567 BTC, valued at $52.2 million, into Coinbase, suggesting potential offloading of assets despite not experiencing outflows [8]