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#MayNFPCryptoWatch: 8:30 AM ET. The Number That Sets Up Warsh's First FOMC. May NFP drops this morning. Consensus is 85,000 jobs — which would mark the strongest three-month hiring stretch in over a year if it holds. ADP already beat yesterday at 122,000. The setup is tilted toward a hot print. Here's why it matters more than usual. This is the last major labor data point before Warsh chairs his first FOMC meeting on June 16-17. Every number that lands between now and then shapes what the new Fed chair walks into — and what he says at his first press conference. The crypto read-through is direct. A beat on jobs = rate cuts pushed further out = risk-off pressure on BTC and ETH. A miss = the first real data case for a potential June cut, which could flip sentiment fast. Bitcoin is sitting at $67,000 after 13 consecutive days of ETF outflows and $4.33 billion in redemptions. ETH broke below $2,000. The market is already fragile going into this print. Seven Fed officials speak this week on top of the data. Any one of them landing hawkish after a hot jobs number doubles the pressure. The Iran talks stalled and resumed yesterday. Oil is above $100. One number. Thirteen minutes from now as you read this. Everything downstream from here flows through 8:30 AM ET today. #MayNFPCryptoWatch