Bitcoin traded around $61,929 on the day weaker-than-expected U.S. jobs data shifted market expectations away from aggressive Fed tightening. Ether held above $1,700. The moves reflected a broad reassessment of rate-hike odds across macro markets, not a crypto-specific catalyst.
The timing matters. Markets were digesting employment figures ahead of July 4 trading, when volume typically thins and price swings can steepen. Fewer bets on immediate rate hikes tend to favor risk assets, since higher borrowing costs have been a persistent headwind for crypto since 2022.
Spot Bitcoin ETFs reversed a 10-day outflow streak, a shift the newsroom could not independently verify or quantify from the source material. The reversal suggests some institutional players moved back into long exposure after a brief exit. Whether that momentum persists depends on whether the Fed indeed holds steady or cuts later in the year, neither of which is yet certain.
Macro moves drive the short-term narrative far more than protocol news, but the underlying reason matters. Real interest rates and risk appetite matter to assets priced in dollars. Bitcoin and ether have moved in tandem with equities and broader risk sentiment for months. A softening in labor data that eases rate fears is genuinely supportive, though it also leaves crypto exposed to any surprise inflation print or hawkish Fed commentary in the weeks ahead.
The rebound above key technical levels ($61k for Bitcoin, $1,700 for ether) gave traders a brief tailwind heading into a holiday-shortened week. How much of this sticks after July 4 liquidity returns to normal remains an open question.