According to The Kobeissi Letter, the US labor market is showing signs of deeper weakness as permanent job losses surged by 105,000 in April, reaching 1.92 million—the highest level since October 2021 (source: Twitter, @KobeissiLetter, May 14, 2025). This sharp rise, a 63% increase since September 2022, signals softening economic fundamentals that could impact investor sentiment and trigger increased volatility in both traditional equities and cryptocurrency markets. Traders should monitor labor market data closely as rising unemployment has historically led to shifts in risk appetite and potential capital flows toward safe-haven or alternative assets such as Bitcoin and Ethereum.