TheBlock
Bitcoin held above $61,000 and ether above $1,700 on Friday, extending a relief bounce that took hold after a soft U.S. jobs report revived risk appetite. The setup into the U.S. Independence Day holiday was the first constructive tape in weeks: rate-cut odds climbed, the dollar eased, and crypto followed risk assets higher.
Why it matters
U.S. spot bitcoin ETFs snapped a 10-day outflow streak with $222 million in Thursday inflows, an early sign that dip buyers are returning after June delivered the worst run of redemptions since the products debuted in January 2024. A weakening labour market is the one macro input that historically pulls the Fed toward easing, and the bond market repriced in real time: rate-cut probabilities rose sharply on the print.
Market impact
The flow reversal matters more than any single price level. Ten straight sessions of ETF redemptions had been the dominant weight on BTC since mid-June, and a $222M one-day inflow is the largest positive print in that stretch. If the bid holds through the holiday-thinned tape, the path of least resistance into July tilts back toward the highs. The asymmetry is straightforward: a soft-landing read on jobs means the Fed can cut without flagging recession risk, and that combination is what crypto beta rewards most.
Frequently asked questions
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What moved Bitcoin back above $61,000 on Friday?
A softer-than-expected U.S. jobs report revived rate-cut expectations and pulled risk assets higher, with Bitcoin holding above $61,000 and ether above $1,700 into the Independence Day holiday.
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How much flowed back into spot Bitcoin ETFs?
U.S. spot bitcoin ETFs took in $222 million on Thursday, snapping a 10-day outflow streak that had been the dominant weight on BTC since mid-June.
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Why does soft jobs data matter for crypto?
Weakening labour markets historically push the Federal Reserve toward easing, and lower rate-cut odds weigh on risk assets. A soft print lets the Fed cut without flagging recession, the combination crypto beta rewards most.
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Was June a bad month for spot BTC ETFs?
Yes. June delivered the worst run of redemptions since spot bitcoin ETFs debuted in January 2024, with ten consecutive sessions of net outflows before Thursday's reversal.
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What is the setup for BTC into July?
If the bid holds through the holiday-thinned tape, the path of least resistance tilts back toward the prior highs. The key risk is that thin liquidity lets sellers reload quietly, turning the bounce into a setup for the next leg down.
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