Traders are pricing fewer Fed cuts in 2026 as U.S. unemployment dips to 4.3%, tempering the liquidity story for Bitcoin and Ethereum but not triggering a risk‑asset capitulation.

Derivatives and rates markets have trimmed expectations for how aggressively the Federal Reserve will cut interest rates in 2026, according to Jinshi‑cited pricing data. That shift reflects growing skepticism that inflation will glide back to target quickly enough to justify deep easing, even as nominal policy rates sit at multi‑decade highs. Fewer cuts priced into 2026 effectively mean a higher “terminal” funding cost for leveraged players and a slower normalization of real yields — both headwinds to the kind of explosive liquidity conditions that fueled earlier crypto bull cycles.

At the same time, the U.S. labor market continues to look stubbornly robust. Jinshi reports that the March unemployment rate ticked down to 4.3%, beating expectations for 4.4% and edging lower from February’s 4.4%. That is hardly a recession print; if anything, it signals that job conditions remain tight enough to keep wage and service‑sector inflation from collapsing, giving the Fed political and analytical cover to hold rates elevated longer. For risk assets, including Bitcoin (BTC) and Ethereum (ETH), the combination of a still‑strong labor market and fewer rate cuts priced is a classic “higher for longer” setup: growth isn’t falling off a cliff, but the cheap‑money punch bowl stays out of reach.

Crypto traders react to US data news

For crypto traders, the implications are nuanced rather than outright bearish. A slower, shallower easing cycle tends to compress valuation multiples and cap speculative excess, making it harder for marginal capital to chase high‑beta altcoins with leverage. However, as long as unemployment hovers near 4–4.5% and the economy avoids a hard landing, on‑chain activity and real demand for digital assets can still grind higher, especially in narratives tied to stablecoins, tokenized treasuries and yield‑bearing infrastructure that directly intersect with rates markets. The immediate read‑through: expect less of a “melting‑up” liquidity rally in 2026 and more of a choppy, macro‑sensitive grind, where each shift in Fed‑cut odds and each monthly jobs print becomes a tradable event for both BTC and ETH volatility.

TLDR

• Riot Platforms sold 3,778 Bitcoin for more than $250 million during the first quarter of 2025.
• The company reduced its total Bitcoin holdings to 15,680 BTC after the sale.
• Riot Platforms achieved an average selling price of over $76,000 per Bitcoin.
• The firm has now sold Bitcoin in consecutive quarters after raising nearly $200 million late last year.
• CEO Jason Les said earlier that sales were intended to fund ongoing growth and operations.

Riot Platforms sold more than $250 million in Bitcoin during the first quarter of 2025. The company confirmed it sold 3,778 BTC at an average price above $76,000. As a result, the firm reduced its total holdings to 15,680 BTC by the end of March.

Riot Platforms Cuts Bitcoin Holdings as Sales Extend Into Second Quarter

Riot Platforms reported that it sold 3,778 Bitcoin during the first quarter of 2025. The company achieved an average sale price above $76,000 per coin. Consequently, it reduced its Bitcoin reserves to 15,680 BTC at quarter’s end. The remaining holdings now carry a market value near $1.04 billion. Bitcoin traded at $66,844 at the time of valuation.

The Colorado-based miner has now sold Bitcoin in consecutive quarters. During November and December, it generated nearly $200 million from Bitcoin sales. The company has not yet disclosed detailed allocation plans for the recent proceeds. A company representative did not respond to a request for comment. However, earlier in 2025, CEO Jason Les addressed the purpose of prior sales.

Les stated that earlier Bitcoin sales aimed to “fund ongoing growth and operations.” He connected those operations to expanding infrastructure and computing capacity. The company outlined these objectives in its latest strategic business update. Riot Platforms has focused on increasing its data center capabilities. It also continues to adjust its capital structure through asset sales.

Riot Platforms Shifts Strategy Toward Data Center Development

Riot Platforms confirmed that it intends to expand beyond traditional Bitcoin mining. The firm stated that it plans to unlock its nearly two-gigawatt power portfolio. It aims to deploy that capacity for high-demand data center infrastructure. Les said, “2025 marked a watershed year for Riot.” He added that the company has transformed its future trajectory.

The company explained that it previously used most of its power portfolio for Bitcoin mining. Now, it seeks to reallocate that capacity toward data center development. Riot Platforms stated that its long-term goal is “to fully utilize our power portfolio for data center development.” This shift aligns with ongoing operational restructuring. The firm continues to balance mining output with infrastructure planning.

An activist investor, Starboard Value, urged the company to accelerate its transition strategy. Starboard Value stated that the opportunity could add as much as $21 billion to Riot’s valuation. The investor called for a “renewed sense of urgency” in pursuing this plan. Meanwhile, shares of RIOT closed up 2.47% on Thursday. The stock recently traded at $12.86.

Over the past six months, RIOT shares have fallen more than 33%. During the same period, Bitcoin has declined 47% from its all-time high of $126,080. The company continues to report updates through formal filings and public statements. Riot Platforms has not announced further Bitcoin sales beyond the first quarter.