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Bitcoin Rises Above $62,000, Aided by Softer US Jobs Data and ETF Inflows
Bitcoin climbed above the $62,000 level on Friday and is positioned for a weekly gain, as softer-than-expected U.S. jobs data eased investor concerns over potential interest rate hikes from the Federal Reserve. The move marks a significant rebound from a recent low of under $58,000, suggesting a potential shift in market sentiment.
By 08:49 ET (12:49 GMT), Bitcoin was trading 1.9% higher at $62,010.0, according to Investing.com data. The cryptocurrency is on track to close the week with an approximate 3% gain.
Macroeconomic Tailwinds Emerge
Market sentiment improved after the latest U.S. labor market data pointed to cooling employment conditions. This development reinforces expectations that the Federal Reserve may refrain from raising interest rates in the near term to avoid constricting the economy further.
Lower borrowing costs, or the prospect of them, typically support risk-sensitive assets like cryptocurrencies by improving overall market liquidity. An analyst from IG noted that the key medium-term question is whether future economic data will be strong enough to "force the Fed’s hawkish bias into action."
ETF Flows Signal Renewed Interest
AdThe price recovery was also supported by renewed demand for U.S. spot Bitcoin exchange-traded funds (ETFs) after a prolonged period of withdrawals. This institutional demand is considered a key barometer for broader market adoption.
According to data from SoSoValue, U.S. spot Bitcoin ETFs recorded net inflows of $221.7 million on July 2. This event snapped a string of 10 consecutive sessions of net withdrawals, a trend that had weighed heavily on prices and contributed to Bitcoin's more than 30% loss in the first half of 2026.
Broader Crypto Market Rallies
The positive sentiment extended across the broader cryptocurrency market, with most major altcoins posting gains on Friday.
- Ethereum (ETH): The second-largest cryptocurrency jumped 4.3% to $1,734.55.
- Cardano (ADA): Surged 5.1%.
- XRP (XRP): Rose 1.2% to $1.1059.
- Dogecoin (DOGE): Gained 2.1%.