Bitcoin Climbs Above $62,000, Eyes Weekly Gain on Softer Jobs Data and ETF Inflows

Bitcoin's price rose above $62,000 on Friday, extending a rebound from recent lows and putting the cryptocurrency on track for a weekly gain of approximately 3%. The move reflects renewed investor optimism driven by softer U.S. economic data and a significant reversal in fund flows for spot Bitcoin exchange-traded funds (ETFs).

By 08:49 ET (12:49 GMT), Bitcoin was trading around $62,010, a 1.9% increase for the session, according to Investing.com data. The price recovery marks a notable turnaround from earlier in the week when it fell below $58,000.

Macroeconomic Tailwinds

A key catalyst for the rally was recent U.S. labor market data, which pointed to a cooling jobs market. This has reinforced market expectations that the Federal Reserve may hold off on raising interest rates in the near term.

Lower interest rate expectations typically benefit risk-sensitive assets like cryptocurrencies. A less hawkish monetary policy outlook can improve liquidity conditions and encourage investment in higher-growth, higher-risk sectors.

Spot ETFs See Inflows Return

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Sentiment was also bolstered by a crucial shift in institutional demand. After a prolonged period of outflows, U.S.-based spot Bitcoin ETFs recorded significant net inflows.

• Data from SoSoValue showed that the ETFs attracted $221.7 million in net inflows on July 2.
• This positive flow ended a streak of 10 consecutive sessions of net withdrawals.

Persistent outflows from these investment vehicles had been a major factor in Bitcoin's price weakness over the past several weeks, contributing to a more than 30% loss in the first half of 2026.

Altcoins Join the Rally

The positive sentiment spread across the broader cryptocurrency market, with most major altcoins posting gains on Friday. World's second-largest cryptocurrency, Ethereum, jumped 4.3% to trade at $1,734.55. Other notable movers included Cardano, which surged 5.1%, and XRP, which rose 1.2%.