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Bitcoin Climbs Above $62,000, Set for Weekly Gain on Softer US Jobs Data and ETF Inflows
Bitcoin rose above the $62,000 mark on Friday, positioning the cryptocurrency for a weekly gain after softer U.S. labor market data and a reversal in exchange-traded fund (ETF) flows improved market sentiment.
As of 08:49 ET (12:49 GMT), the world's largest cryptocurrency was trading up 1.9% at approximately $62,010, according to Investing.com data. The move extends a rebound from a recent low below $58,000 and puts Bitcoin on track for a 3% weekly rise.
Macroeconomic Tailwinds Emerge
A key catalyst for the rally was recent U.S. jobs data that pointed to a cooling labor market. This has reinforced investor expectations that the Federal Reserve may refrain from raising interest rates in the near term, as lower borrowing costs typically improve liquidity and support risk-sensitive assets like cryptocurrencies.
According to an IG analyst cited in a recent note, the primary medium-term question is whether upcoming economic data will be strong enough to "force the Fed’s hawkish bias into action."
ETF Flows Reverse Course
AdSentiment was also bolstered by renewed demand for U.S. spot Bitcoin ETFs after a prolonged period of withdrawals. The market saw a significant shift on July 2, when these funds recorded net inflows of $221.7 million, according to data from SoSoValue.
This positive flow ended a streak of 10 consecutive sessions of net withdrawals, a trend that had placed significant downward pressure on prices. The renewed institutional interest follows a challenging period for Bitcoin, which lost more than 30% in the first half of 2026, marking its weakest six-month performance in years.
Broader Crypto Market Rises
The positive momentum was reflected across the broader digital asset market, with most major altcoins also posting gains.
- 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%.