According to The Kobeissi Letter, 22,000 federal government jobs were lost in May 2025, marking the largest monthly decline in over four years and the fourth straight month of job reductions. Year-to-date, federal employment has dropped by 59,000, bringing the total to 2.96 million, the lowest level since November 2024 (source: The Kobeissi Letter, June 20, 2025). For crypto traders, this sustained job loss signals potential economic headwinds, which could drive increased volatility in major cryptocurrencies like BTC and ETH as investors re-evaluate risk and seek alternative assets.