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Bitcoin pushed back above $61,200 on Thursday, up more than 4% in 24 hours, after Federal Reserve Chairman Kevin Warsh told the Sintra forum that inflation risks have come down and that the July hike bet should be unwound. Ether rose 5%, and Solana gained 9% on the week, leading major tokens.
The bounce is unusual for its breadth. Speculative names were the day's biggest winners: Memecore's M jumped 81% and Audiera's BEAT added 12%, the top two performers among the 100 largest coins by market value. Venice Token (VVV) ranked third, up 9%.
"First real bounce of the whole selloff, and it has something behind it," analysts at Marex wrote in an email. "BTC ripped back over $60K for the first time in a week. SOL is the star, up roughly 16% on the week and leading everything."
Why it matters
The macro trigger was the Fed pivoting back toward dovish territory. Warsh's comments dragged the prior pricing of a July hike off the table, restoring the conditions that have underpinned risk assets all year. The nonfarm payrolls report due later Thursday and President Trump's expected introduction of voluntary AI standards next week are now the next catalysts on traders' desks.
That the bounce came with broad participation, not just $BTC, is what separates it from the prior week's failed attempts. Solana's governance upgrade, which forces anyone submitting proposals to stake at least 100,000 tokens, gave SOL a structural narrative on top of the macro tailwind.
Market impact
Derivatives positioning turned supportive for the first time in weeks. 24-hour volume jumped 18% to nearly $200 million, open interest rose 4% to $107 million, and liquidations totaled $444.6 million, with shorts getting crushed after a long stretch of long liquidations. $BTC open interest climbed to 777.87K BTC from 768K a day earlier, the highest since June 4, an increase alongside rising prices that typically confirms an uptrend.
Annualized funding rates around 10% and the strongest 24-hour cumulative volume delta among majors support the bullish read. Both 30-day implied volatility indexes for $BTC and $ETH have reversed their late-June spike, another technical tailwind.
Frequently asked questions
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What triggered the bitcoin and crypto bounce to $61,200?
Dovish comments from Fed Chair Kevin Warsh at the Sintra forum, who said inflation risks have come down and that the July hike bet should be unwound, removed the macro overhang and pulled $BTC back above $60K for the first time in a week.
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Which tokens led the rally beyond bitcoin?
Speculative names led: Memecore's M jumped 81% and Audiera's BEAT added 12%, the top two performers among the top 100 by market cap. Venice Token (VVV) was third at +9%, $ETH added 5%, and $SOL led majors with a 9% weekly gain.
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What do the derivatives data say about whether the bounce has legs?
24-hour volume rose 18% to nearly $200M, open interest climbed 4% to $107M, and $444.6M in shorts were liquidated, a flip after weeks of long-side liquidations. $BTC OI hit 777.87K, the highest since June 4, with annualized funding near 10%, a combination that typically confirms an uptrend.
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Why is Solana outperforming the rest of the market?
$SOL is up roughly 16% on the week, leading majors. Marex analysts noted the move alongside the network unveiling an onchain governance system requiring a 100,000 $SOL stake to submit proposals.
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What risks still hang over the market despite the bounce?
Ether futures open interest remains pinned near 13.8M tokens, indicating demand for leveraged $ETH exposure has not returned, and the Binance three-month basis for $BTC and $ETH still trades below the 4.49% U.S. 10-year yield, a sign that institutional cash-and-carry deployment remains thin.
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