Bitcoin Holds Above $61,000 as Soft Jobs Data Eases Fed Fears and Spot ETFs End 10-Day Outflow Streak
Bitcoin steadied above $61,000 and ether held above $1,700 as softer U.S. jobs data cooled expectations for additional Federal Reserve rate hikes, giving the crypto market a modest footing heading into the U.S. Independence Day holiday. Spot bitcoin exchange-traded funds, which had logged outflows for 10 straight sessions, snapped that streak — a structural shift traders watched as closely as the price move itself.
Bitcoin steadied above $61,000 and ether held above $1,700 as softer U.S. jobs data cooled expectations for additional Federal Reserve rate hikes, giving the crypto market a modest footing heading into the U.S. Independence Day holiday. Spot bitcoin exchange-traded funds, which had logged outflows for 10 straight sessions, snapped that streak — a structural shift traders watched as closely as the price move itself.
Soft Labor Data Does the Heavy Lifting
The immediate catalyst was on the macro side, not on-chain. Weaker U.S. employment figures eased fears that the Fed would need to keep tightening monetary policy, reducing pressure on risk assets broadly. For bitcoin ($BTC), which has traded with a meaningful correlation to rate-sensitive assets during past tightening cycles, the reprieve in rate-hike bets gave holders reason to stay put rather than rotate out.
The mechanism here is straightforward: tighter monetary policy raises the opportunity cost of holding a non-yielding asset. When that pressure lifts, even temporarily, some of the selling logic disappears.
ETF Flows Flip After 10 Days of Exits
The more telling data point for the structural bitcoin trade was the end of the spot ETF outflow run. Ten consecutive days of net redemptions from spot bitcoin ETFs represented persistent institutional or retail selling pressure through a regulated, on-shore wrapper. The streak's end does not confirm fresh inflows of any particular size — the source does not provide flow figures — but it removes a headwind that had been visible in the market structure.
Anyone asking who was selling to whom during those 10 days deserves a clear answer: the source doesn't say. What it does say is that the pattern broke.
Context: A Holiday Lull, Not a Verdict
Thin holiday volume around U.S. Independence Day can flatter or distort any short-term price read. Bitcoin holding above $61,000 is a level, not a trend. The jobs data that moved markets on Friday is one print; the Fed has not changed its stated posture. Ether above $1,700 reflects the same macro tailwind rather than any protocol-specific development.
The 10-day ETF outflow streak ending is a concrete, measurable fact worth watching as subsequent flow data arrives. The price stability is real. Whether either signal holds past the long weekend is a question the next week's data will answer.