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Bitcoin Reclaims $62,000 as Softer US Jobs Data and ETF Inflows Fuel Weekly Gain
Bitcoin climbed above the $62,000 mark on Friday, positioning it for a weekly gain as softer U.S. economic data and a reversal in fund flows improved investor sentiment. The world's largest cryptocurrency rose 1.9% to trade at $62,010.0 by 08:49 ET (12:49 GMT), extending a recovery from a low of under $58,000 seen earlier in the week.
Jobs Data Eases Rate Hike Fears
A key catalyst for the rally was recent U.S. labor market data indicating a cooling in employment conditions. This has reinforced market expectations that the Federal Reserve may hold off on further interest rate hikes in the near term.
Lower interest rates and borrowing costs typically benefit risk-sensitive assets like cryptocurrencies by improving liquidity conditions in the market. According to an analyst note from IG, 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
Sentiment was also bolstered by renewed demand for U.S. spot Bitcoin exchange-traded funds (ETFs) after a prolonged period of withdrawals. The turnaround provides a welcome shift for the market, which saw Bitcoin lose more than 30% in the first half of 2026 amid weakening institutional interest.
AdKey details on the fund flows include:
- U.S. spot Bitcoin ETFs recorded net inflows of $221.7 million on July 2, according to data from SoSoValue.
- This positive flow ended a 10-day streak of consecutive net withdrawals that had weighed heavily on prices.
Broader Crypto Market Rallies
The positive momentum extended to the broader altcoin market, which saw widespread gains on Friday. Ethereum, the second-largest cryptocurrency, jumped 4.3% to $1,734.55.
Other major tokens also advanced, with Cardano surging 5.1% and Dogecoin gaining 2.1%. XRP and Solana posted more modest gains of 1.2% and 0.1%, respectively, indicating a broad-based recovery in the digital asset space.