CryptoSlate
Spot Bitcoin exchange-traded funds pulled $223 million in net inflows on Thursday, the largest single-day total since May, according to SoSoValue. The flow snapped a 10-day streak of withdrawals that had drained roughly $2.73 billion from the products and coincided with Bitcoin briefly climbing back above $62,000 after falling below $58,000 earlier in the week, its lowest level in 21 months.
The catalyst was a US labor report that came in materially softer than economists had modeled. Employers added just 57,000 jobs in June, roughly half the consensus estimate, while April and May payrolls were revised down by a combined 74,000. The unemployment rate edged to 4.2%, but only because roughly 720,000 people dropped out of the labor force, pushing participation to 61.5% from 61.8%.
Why it matters
Rick Rieder, BlackRock's chief investment officer of global fixed income, called the report "more fizzle than fireworks," arguing the broader labor market is cooling gradually rather than breaking. That read gave traders room to push back bets on a near-term rate hike: traders are no longer fully pricing a 25-basis-point move in October, though year-end tightening expectations remain. The two-year Treasury yield slipped to about 4.11% and the dollar weakened, both supportive of risk assets that had been under pressure from higher real yields.
For Bitcoin specifically, the macro setup had been punishing. Weeks of fund redemptions, rising real yields and a stronger dollar had pushed BTC to a 21-month low. A softer-than-expected labor print reduced the urgency of the hawkish trade, allowing leveraged positioning to unwind less violently and letting ETF buyers step back in.
Market impact
A single $223M session is real signal, but not yet a regime change. Spot Bitcoin ETFs have still bled nearly $8.5 billion in net outflows since early May, per Santiment, and the wider tape remains fragile. Bitwise Europe flagged that only 47% of Bitcoin supply is held at a profit, leaving aggregate unrealized losses around $281B, while options dealers sit short gamma into the $60K and $55K strikes, a setup that tends to amplify any clean break in either direction.
Frequently asked questions
-
How much did spot Bitcoin ETFs pull in on Thursday?
Spot Bitcoin ETFs recorded $223 million in net inflows on Thursday, the largest single-day total since May, according to SoSoValue. The flow snapped a 10-day withdrawal streak that had drained roughly $2.73 billion from the products.
-
What did the US jobs report show and why did it matter for BTC?
Employers added just 57,000 jobs in June, roughly half the consensus estimate, with April and May revisions cutting another 74,000. The unemployment rate fell to 4.2% only because ~720,000 people left the labor force. The softer print let traders dial back bets on a near-term Fed hike, easing pressure on…
-
How does Bitcoin's price recovery fit with the ETF flows?
BTC briefly reclaimed $62,000 on Thursday after falling below $58,000 earlier in the week, a 21-month low. The single-day ETF inflow coincided with the bounce, but cumulative spot BTC ETF outflows since early May still total roughly $8.5 billion, per Santiment.
-
What did BlackRock's Rick Rieder say about the jobs report?
Rieder described the June labor data as "more fizzle than fireworks," arguing the broader labor market is cooling gradually rather than breaking sharply. He framed the current backdrop as stability rather than strength or weakness.
-
What is the next technical and flow test for Bitcoin?
Watch whether ETF inflows extend past Thursday and whether BTC holds the $60K to $62K range. Bitwise Europe flagged that only 47% of supply is held at a profit and options dealers are short gamma near $60K and $55K, a setup that can amplify clean breaks in either direction.
WuBlockchain
Crypto News
Lookonchain
CoinDesk
Crypto Rank News
TheBlock