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Goldman Sachs officially dropped its 2026 Fed rate-cut call after the May NFP print of 172K — more than double the 85K consensus. Goldman now forecasts two 25bp cuts in June and December 2027. The rationale: unemployment expected to rise only modestly to ~4.4%, PCE inflation projected to hover near 3% through 2026 — well above the Fed's 2% target. Rate hike off the table, but no cuts this year either. BTC is at $63.3K and ETH at $1,687 — both markets that have been waiting for the liquidity unlock that rate cuts were supposed to provide. Goldman moving that trigger to 2027 is a meaningful repricing of the "crypto bull market on Fed pivot" thesis. If the macro tailwind is 18 months away, the question is what drives prices in the meantime: ETF flows, corporate treasury buys, or a new narrative entirely. With rate cuts pushed to 2027, what's your primary bullish thesis for crypto for the rest of 2026? Just sharing my thoughts. Not financial advice. DYOR. #GoldmanDelays2027Cuts #NFPBlowout172K #OKXOrbit