Orange Evening Interpretation 6.5 ADP employment is far lower than expected, Trump calls for interest rate reduction! The grand and beautiful bill has caused Sichuan and Malaysia to tear apart their faces, and the cryptocurrency market welcomes positive news: JPMorgan Chase leveraged ETF, Circle IPO exploded! The Binance Small Currency Plan has been launched, and support has been given to top tier imitations such as Initiat ICP FIL. What is the future of the market? Crypto Bitcoin altcoins " First, let's talk about the macro situation. Last night, the US released several data. The first one was the ADP employment data for May, which showed that the number of employed people only increased by 3.7w, much less than the expected 110000. This directly triggered Trump's passivity, and he called on Powell to cut interest rates immediately, saying that Europe has already cut interest rates 9 times this year. You are really being too slow; The second macro data is the May ISM Service PMI, which shrank for the first time in nearly a year, with a sharp drop in demand. This indicates that the United States may experience a very slow growth and high inflation period, which can be considered as a small bearish data; The third one is that the Federal Reserve's Beige Book shows that the economy has declined and tariffs are putting upward pressure on cost prices. Overall, these data have little impact on the pace of the Federal Reserve's interest rate cuts. It is common for adp to be lower than expected, and the key is to look at non farm employment data. As for Chuanzi's call, it is estimated that Powell has automatically blocked it and will not affect the pace. The forecast data given by CME is still to cut interest rates in September and 2-3 times before the end of the year. Then let's talk about the complete face splitting between Trump and Musk over the Big Beautiful Bill. First of all, this bill is good for the cryptocurrency market because cryptocurrency is very dependent on market liquidity. It can be almost assumed that as long as the government releases liquidity, cryptocurrency will rise. In the past few years, the massive spending and interest of the US government have been the driving force behind the rise of the cryptocurrency industry. Therefore, this Big Beautiful Bill and Trump's proposal to lift the debt ceiling last night are actually releasing liquidity. Perhaps Trump and Musk had the same idea before taking office, supporting doge The government expenditure was reduced, but after taking office, it was found that the reality and the ideal were opposite. If the government spent heavily, no one would support the mid-term elections. It is said that Trump needs the funds brought by the beautiful bill to attract legislators. Previously, Trump had raised 600 million yuan to be used in the mid-term elections, and plans to raise 1 billion yuan. Without this money to support Trump's legislators, it would be impossible to re-election, and Trump's policies would be difficult to implement. In the end, Trump now needs more realistic beautiful bills than idealistic doges, so Truma will also break its face. However, Musk's 25 consecutive tweets attacking Trump must have never thought of this possibility. It's because Trump withdrew Nasa from Musk's nomination It is estimated that Sk will soon resign as a consultant to Trump. Like the Reform Movement of 1898, the Mask Reform will be over in a hundred days. Last night, there was some good news in the market. Firstly, JPMorgan Chase plans to allow clients to use Bitcoin ETFs as collateral for loans, which is equivalent to adding leverage to ETFs in compliance, and the encrypted US stock nesting model has been launched; Then came Circle's initial public offering, which was oversubscribed by over 25 times. The stock completed its IPO at $31 per share on the New York Stock Exchange, exceeding the original expected pricing range ($24-26) and raising $1.1 billion. This level of enthusiasm is not common in the IPO market, indicating that the market is optimistic about the future development of the stablecoin market. The Genius Act is basically confirmed, making the stablecoin sector the hottest sector this year. Issues such as ena mkr aave crv fxs are worth paying attention to; Yesterday, the Hong Kong Treasury will release its second policy statement on the development of virtual assets, which mainly targets the trading of virtual asset derivatives. In the future, contract trading may be regulated in Hong Kong; In addition, the Moscow Stock Exchange in Russia has launched Bitcoin futures trading; The US Treasury Department announced the launch of a record breaking $10 billion US bond repurchase operation, which is seen by the market as a streamlined version of QE; the US M2 money supply has reached $21.86 trillion, a historic high; Robinhood is expected to be included in the S&P 500 index this Friday. Finally, the market, the ETF of Big Cake and Ethereum last night both maintained the status of capital inflow, and the institutional interest in encryption was still on the whole. Although the market trend was general, I think it was simply frightened by Trump. Yesterday, the goods said that the negotiations with China were not smooth, and then the EU and Canada were also preparing to counter, so it is not ruled out that after the 90 day buffer period, these brothers did not agree, and then the tariff returned to the level of April 2, then the market exploded, which is why big funds are not easy to pull the market now; However, ETH has been quite strong recently. V God actually increased his position in ETH yesterday afternoon. It's really a long time to see. The Ethereum Foundation also announced a new fiscal policy last night, planning to reduce operating expenses to a long-term benchmark of 5% within five years. It seems that EF is going to end the rhythm of selling 100 ETH per month, which is definitely good for the coin price; Overall, the performance of counterfeit stocks is relatively poor today due to the instability of the market. The liquidity of counterfeit funds is problematic. Even in the Binance cryptocurrency sector, many spot stocks have had daily trading volumes below 500W in recent weeks, which was impossible to happen in the past few weeks. Now, Binance's spot trading volume is not as good as Alpha's. In addition, Binance saw several projects with a dead end trend last night, such as Dego's direct halving and Dexe's trend being similar. These projects should all be operated by the same trader, including the previous $om act $ip wct, which used contracts to open long positions and control the market liquidity. After the market liquidity increased, they directly smashed the spot market and forcibly withdrew to cash out. Therefore, the recent trend and the market have reversed. Be careful with projects that come with weak liquidity and market value; In addition, Binance also launched a small currency liquidity enhancement plan yesterday, with the first batch of projects including init icp $a hyper parti kernel cfx $w kmno iotx ondo ton fil wct baby sxt syrup sto ， Upon careful observation, you will find that these are not so-called small market value knockoffs, but mostly Heavenly King projects with insufficient liquidity. This can be considered as a disguised support from Binance and is a good sector to follow in the future.