Spot bitcoin ETF targets were set aside after the SEC delayed a number of new filings yesterday, while crypto bulls hope that slowing employment and falling interest rates can provide a positive catalyst.

In August, the US added 187,000 jobs, above expectations, versus July’s downwardly revised 157,000 (revised from 187,000). The unemployment rate for August came in at 3.8% versus the forecasts of 3.5% and 3.5% the previous month. Bitcoin (BTC) price changed slightly to just over $26,000 in the minutes following the Bureau of Labor Statistics report on Friday morning. However, traditional markets are reacting, with U.S. stock index futures rising while dollar and Treasury yields are falling.

It’s been a tough week for Bitcoin; It rallied above $28,000 on Tuesday following a court victory over the SEC during Grayscale’s effort to convert the Bitcoin Trust (GBTC) into a 100% spot bitcoin ETF. Typical for rallies for several months, this has resulted in bitcoin quickly starting to reverse gains. The reversal turned into a complete slump as bitcoin fell more than 4 percent on Thursday and the SEC delayed deciding on a number of spot bitcoin ETF applications, including BlackRock and Fidelity.

With ETF hopes set aside for a few more months, bitcoin bulls may consider softening in the economy and thus falling interest rates as a possible catalyst. While this morning’s report provides some compelling elements in the form of an increase in the unemployment rate and a downward revision of the number of job additions in July, it shows that so far bitcoin has not had a positive reaction. Looking at other details of the report, average hourly earnings rose 0.2% in August versus forecasts of 0.3% and 0.4% in July. On a year-over-year basis, average hourly earnings rose 4.3% in August versus forecasts of 4.4% and 4.4% in July.