U.S. Payroll Revision Triggers Market Reversal as Bitcoin, Gold Retreat
September 9, 2025

Bitcoin and gold slipped on Tuesday after the U.S. government revealed the largest payroll benchmark revision on record, highlighting far weaker labor conditions than previously reported.

The preliminary revision cut 911,000 jobs for the 12 months ending March 2025, underscoring a substantial gap between monthly Nonfarm Payrolls (NFP) reports and the true state of the labor market. Given the weight NFP data carries in capital allocation and Federal Reserve policy decisions, analysts said the updated figures could have shifted this year’s monetary path significantly.

“Had these numbers been available earlier, the Fed almost certainly would have been easing throughout 2025,” noted one strategist. With the central bank set to meet next week, the revision now raises the prospect of a 50 basis-point rate cut, versus the quarter-point move widely expected.

Markets Sell the News
Traders initially piled into safe-haven and rate-sensitive assets, but the rally quickly faded. In a classic “buy the rumor, sell the news” move:

• Gold futures briefly surged past $3,700 for the first time, with spot gold touching a record $3,670, before retreating to $3,679, flat on the session.
• Bitcoin (BTC) slipped from $113,000 to $111,600, down 1% over 24 hours.
• U.S. 10-year Treasury yields, which had been poised to dip below 4% for the first time since February, instead reversed higher to 4.07%.

The data reinforced expectations for looser Fed policy, but traders appeared reluctant to extend gains, reflecting both profit-taking and uncertainty around the scale of next week’s rate cut.