Three tests land inside one week. The first is jobs data, with April payrolls print coming, the first read after a delay caused by the 2025 federal shutdown.

A weaker-than-expected print gives the Federal Reserve cover to cut sooner. A strong one delays it. The second is additional insight into the bitcoin treasury trade.

Strategy, Coinbase, MARA, CleanSpark, Hut 8 and Core Scientific all report Q1 earnings inside the week. Riot already sold 3,778 BTC last quarter at an average $76,626. MARA sold 15,133.

The third is the Fed itself. San Francisco Fed CEO and President Mary Daly and Chicago Fed President Austan Goolsbee speak on central bank independence at Hoover on Friday, the same week Jerome Powell exits his chair role (but not the Fed…