Bitcoin Climbs Above $62,000 as ETF Inflows Resume and Rate Hike Fears Subside

Bitcoin (BTC) rose above the $62,000 level on Friday, positioning the cryptocurrency for a weekly gain as cooling U.S. economic data and a reversal in exchange-traded fund (ETF) flows improved market sentiment. The digital asset is rebounding from a weekly low under $58,000, which the source material described as a 21-month low.

As of 08:49 ET (12:49 GMT), Bitcoin was trading at approximately $62,010, up 1.9% on the day and on track for a 3% weekly increase, according to data from Investing.com.

Macro Tailwinds and ETF Demand Fuel Rebound

A key catalyst for the recovery was recent U.S. labor market data, which pointed to a cooling jobs market. This development has reinforced investor expectations that the Federal Reserve may refrain from raising interest rates in the near term. A less aggressive monetary policy stance typically improves liquidity conditions and supports risk-sensitive assets like cryptocurrencies.

Sentiment was also significantly boosted by a renewed appetite for U.S. spot Bitcoin ETFs. After a prolonged period of withdrawals, these funds recorded $221.7 million in net inflows on July 2, ending a 10-session streak of net outflows, according to data cited from SoSoValue. These persistent withdrawals had been a major factor weighing on prices.

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Broader Market Context

The recent gains provide some relief for investors after a difficult period. Bitcoin lost more than 30% during the first half of 2026, marking its weakest six-month performance in years amid signs of weakening institutional demand. An analyst at IG noted that the key medium-term question is whether upcoming economic data will "force the Fed’s hawkish bias into action."

The positive momentum extended to the broader altcoin market on Friday:

• Ethereum (ETH) jumped 4.3% to $1,734.55.
• Cardano (ADA) surged 5.1%.
• XRP rose 1.2% to $1.1059.
• Dogecoin (DOGE) gained 2.1%.