Bitcoin just reclaimed $63K. Most people think the Fed turned friendly. It did not. Here is what actually happened.
The Fed is still hawkish, holding rates at 3.5% to 3.75% and even warning about possible hikes. What changed this week was the June jobs report: only 57,000 new jobs, a soft number. A weak labor market makes a rate HIKE less likely, and "less chance of tightening" is enough to move risk assets like crypto. On the same day, US Bitcoin ETFs took in $221M, ending a 10-day selling streak.
Takeaway: sometimes crypto rallies not because good news arrived, but because a feared bad outcome (a hike) got less likely. Learn to tell those two apart.
My read: this looks like a relief bounce, not a confirmed trend change. Cautiously constructive, but I want to see ETF inflows continue for several days before calling it a real shift. One $221M day still follows a 10-day, $2.7B outflow streak, and ETFs are net negative on the year (about $5.4B).
#Bitcoin #BTC #Fed #ETF
The Fed is still hawkish, holding rates at 3.5% to 3.75% and even warning about possible hikes. What changed this week was the June jobs report: only 57,000 new jobs, a soft number. A weak labor market makes a rate HIKE less likely, and "less chance of tightening" is enough to move risk assets like crypto. On the same day, US Bitcoin ETFs took in $221M, ending a 10-day selling streak.
Takeaway: sometimes crypto rallies not because good news arrived, but because a feared bad outcome (a hike) got less likely. Learn to tell those two apart.
My read: this looks like a relief bounce, not a confirmed trend change. Cautiously constructive, but I want to see ETF inflows continue for several days before calling it a real shift. One $221M day still follows a 10-day, $2.7B outflow streak, and ETFs are net negative on the year (about $5.4B).
#Bitcoin #BTC #Fed #ETF