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The most important number in markets this morning: 85,000. That's what consensus expects from the May nonfarm payrolls report, out today at 8:30 AM ET. But ADP already printed 122,000 private jobs added this week, a 16-month high, suggesting the actual print could come in well above expectations. Why crypto traders should care: · Fed's Logan said rate hikes may still be needed this year. CPI and PCE are both running at 3.8%, well above the Fed's 2% target. The math isn't on crypto's side if the hike talk turns real. · The June 16-17 FOMC meeting is 11 days away · This is the last major data point before the Fed makes its call A strong beat shifts the hike conversation from individual Fed commentary to a live policy signal. Tighter conditions historically pressure risk assets across the board, crypto included. A weak print gives the Fed cover to hold. That's short-term relief for markets, though it won't resolve the broader headwinds crypto is navigating right now. Does macro data like jobs numbers actually change how you think about your crypto holdings? #MayNFPCryptoWatch