The US unemployment rate unexpectedly fell to a one-year low in June, causing the dollar index to decline briefly and spot gold to surge.
Related
Bitcoin ETFs shed $450M in biggest outflow since June
The $450 million withdrawal came as Bitcoin fell 2.5% and the CLARITY Act failed to advance in the Senate, with Fidelity and BlackRock funds leading the outflows.
Bitcoin fund flows show investors trading Fed rate path, not exiting market: CoinShares
Bitcoin’s struggle to break $80,000 comes as markets price in a growing chance of a September rate hike, putting monetary conditions back in focus.
Analysis: Bitcoin may be entering a period of bottoming out; Strategy's sale of Bitcoin did not trigger panic.
According to a recent report by Bitfinex Alpha, as Odaily by Odaily, Strategy recently conducted its first large-scale Bitcoin sale, but the market showed strong resilience and no significant selling pressure emerged. Bitcoin rebounded after hitting a low of $57,803 on July 1st, and its performance in July remains positive, consistent with the views expressed in Bitfinex Alpha's previous report (No. 212), suggesting a potential market correction this month. Data shows that Strategy may have executed a BTC sale between June 29 and July 2, but the price of Bitcoin still saw a positive weekly increase during the same period, rising approximately 10.5% from its cycle low. Furthermore, on the last trading day of last week and the first trading day of this week, Bitcoin spot ETFs recorded inflows exceeding $200 million per day, ending a previous 10-day streak of net outflows, with a cumulative outflow of $2.73 billion. June was a challenging month for Bitcoin ETFs, with net outflows for nine consecutive weeks, reaching nearly $4.06 billion in June alone. However, these redemptions primarily reflect authorized participants (APs) returning ETF units and a decrease in passive funding demand, rather than indicating a large-scale immediate sale of Bitcoin through on-chain markets. The market is currently unable to fully determine whether investors have digested recent changes in fund flows, but spot trading volume does not fully reflect the impact of the previous large-scale outflows. With changes in ETF asset allocation and a return to positive fund flows, the Bitcoin market may face new variables in July. After a brief dip following the announcement of the Strategy sale, BTC prices quickly stabilized and have now returned to the lower end of the first quarter trading range, exceeding pre-announcement levels. ETF fund flows have recorded net inflows for three consecutive trading days, and the $61,000 level has become a crucial dividing line between bullish and bearish forces in the market. Bitcoin is currently in a downtrend on a higher timeframe, but the market structure is changing. Approximately 10.83 million BTC are currently in an unrealized loss state, while about 9.22 million BTC remain profitable, marking the first time that the number of losing BTC has exceeded the number of profitable BTC. Historically, this phase typically indicates significant pressure on spot holders and often approaches the bottoming phase of a bear market. However, a true macro bottom still needs confirmation from key indicators, such as Bitcoin consistently recovering to its current "True Market Mean" of around $71,500. While the current market environment may dampen sentiment in the short term, it also creates conditions for long-term funds to absorb selling pressure. As long-term holders and some whale re-accumulate, Bitcoin is shifting from low-conviction holders to high-conviction investors, and the next two to three months may be a crucial window for confirming a temporary bottom.
Strategy Wants Its Preferred Stock Dividends to Accrue 365 Days a Year
STRF, STRC, STRK and STRD would accrue dividends on weekends and holidays, in a move Strategy says will dampen volatility.
Bitcoin absorbs Fed rate hike as officials see more tightening
Bitcoin showed little immediate reaction to the Fed’s first rate increase since 2023, but 16 of 18 officials expect at least one more hike before the end of the year.
Fed Chair Implies Trump Is Only Half Right on the Economy Following Rate Hike
Chair Kevin Warsh credited Trump's economy, then ignored his rate-cut wishes entirely.