Weaker U.S. jobs data lifts Bitcoin as spot ETFs see biggest inflow since May
Softer U.S. labor data eased near-term Federal Reserve hike expectations, helping Bitcoin rebound to the $62,000 range as U.S. spot Bitcoin ETFs took about $223 million to $224 million in net inflows after 10 days of outflows.
Weaker-than-expected U.S. employment data reduced fears of additional Federal Reserve tightening, with implied odds of a rate hike this month falling to about 18% from about 30%. Against that backdrop, U.S. spot Bitcoin ETFs posted about $223 million to $224 million in net inflows on Thursday, their first inflow in 10 days and biggest daily intake since May, while Bitcoin recovered to the $62,000 range after hitting a fresh bear-market low earlier in the week. QCP Capital said faster wage growth and a lower unemployment rate still leave room for a hawkish Fed.
- spot Bitcoin ETFs: Exchange-traded funds that hold Bitcoin directly rather than gaining exposure through derivatives.
- net inflows: The amount of new money entering a fund after subtracting withdrawals.
- rate hikes: Central bank increases to interest rates.