Cryptocurrencies rose broadly during trading yesterday as markets awaited the US jobs report, amid expectations of a slowdown in hiring and a stable unemployment rate.
Bitcoin climbed 1.84% to $61,212, Ethereum gained 1.74% to $1,645, Solana surged 4.33% to $80.6, and XRP reached $1.08.
According to data from Coinglass, US-listed Bitcoin exchange-traded funds recorded net outflows of $4.5 billion during June, the largest withdrawal since these funds began trading in January 2024.
Analysts believe that cryptocurrency movements in the coming days will remain closely tied to US economic data, most notably the non-farm payrolls report. Any marked slowdown in the labour market could strengthen investors' bets that the Federal Reserve is approaching an interest rate cut, which would support high-risk assets such as cryptocurrencies.
Conversely, stronger-than-expected data could push bond yields and the dollar higher, limiting gains in the digital asset market.
Investors are also watching for continued inflows into Bitcoin-linked ETFs after the funds saw significant withdrawals in June, as some investors moved to take profits and rebalance their portfolios.
Despite those outflows, a number of financial institutions continue to hold a positive long-term outlook on Bitcoin, citing growing institutional adoption of digital assets and the evolving regulatory framework in several markets.
At the same time, altcoins — led by Solana — benefited from improved risk appetite, as interest in decentralised finance projects and blockchain applications continued.
Traders say that Bitcoin holding above the $60,000 level could open the door to a new rally in altcoins if economic data proves supportive, while elevated volatility remains the market's defining feature as investors await fresh signals from Federal Reserve officials on monetary policy during the second half of the year.