ETH Volatility Analysis for Non-Farm Payrolls, 3rd November 2023

Data Analysis

The release

Released by the Bureau of Labor Statistics on 3 November 2023 at 8:30 AM EDT. The economy added 186K jobs for October 2023, according to Non-Farm Payrolls, after a gain of 158K in September 2023.

It arrived at the same moment as Non-Farm Private Payrolls and Unemployment Rate, so the reaction measured on this page belongs to all of them together.

Measured by Clometrix

Ethereum's volatility ratio was 1.39x, against 3.33x for a typical Non-Farm Payrolls release since 2021. Its volume ratio was 2.00x, against a typical 5.22x. Under 1.5x is not a reaction at all: the market barely noticed this release. Both compare the quarter hour of the release with an ordinary quarter hour that same day, where 1.00x is no change: volatility is how far the price ranged, volume how much traded.

How Ethereum moved

Ethereum was at $1,791.48 when the figure came out. Fifteen minutes later it was 0.2% higher, and an hour later 0.21% higher. Its high-to-low range in the hour after was 0.52% of its price, against 0.38% in the hour before.

What made it matter

Since 2021, Non-Farm Payrolls releases in the two weeks before a Fed decision have moved Ethereum about as much as those at other times: a median volatility ratio of 3.21x across 21, against 3.39x across 49. This one came out 2 days after the Federal Reserve's 1 November rate decision. Its own ratio of 1.39x compares with 3.39x for those, so it moved the price less than its circumstances would suggest.

About Non-Farm Payrolls

Nonfarm payrolls is the measure of the number of workers in the U.S. excluding farm workers and workers in a handful of other job classifications. This is measured by the Bureau of Labor Statistics (BLS), which surveys private and government entities throughout the U.S. about their payrolls. The BLS reports the nonfarm payroll numbers to the public on a monthly basis through the closely followed “Employment Situation” report.