Executive brief
The digital asset market reclaimed a more buoyant footing on Friday as a significant slowdown in US labor market growth provided a catalyst for a broad relief rally. Nonfarm payrolls for June arrived at 57,000 jobs, well below the estimated 110,000, prompting investors to reassess the likelihood of further interest rate hikes by the Federal Reserve. This macroeconomic shift coincided with the end of a punishing 10 day outflow streak for US spot Bitcoin ETFs, which recorded a net inflow of $221.7m. While institutional demand via ETFs showed signs of life, deeper market data revealed that large holders, or whales, had been aggressively absorbing supply throughout the recent drawdown, purchasing $16.7b worth of Bitcoin in just two weeks. This suggests a significant transfer of coins from weak hands to long term accumulators.
The recovery pushed Bitcoin back above the $62,000 level, although the bounce remains under scrutiny from analysts who note a divergence between price and liquidity metrics. A notable contraction in the stablecoin market during the second quarter suggests that the cash layer of the industry has weakened, potentially limiting the sustainability of the current uptrend. On the regulatory front, the landscape continues to evolve with the SEC signalling moves to modernise rules for onchain markets, while OpenAI has reportedly proposed a 5% stake for the US government to ease political friction. This intersection of technology and policy remains a key driver for long term sentiment. However, a localised risk cue emerged from France, where authorities reported a surge in crypto-linked kidnappings to 77 cases this year, highlighting the growing physical security threats facing high profile industry participants. The opportunity for a July rebound remains intact provided Bitcoin can hold the $61,000 support level amidst thinned holiday liquidity.
1) Top 20 news headlines
- Trump says there is nothing wrong with family crypto windfall; the president reported at least $1.4b in crypto income for 2025.
- Bitcoin whales bought $16.7b of bitcoin in 2 weeks; large holders absorbed selling even as ETFs bled a record $4b.
- US Bitcoin ETFs end 10 day outflow streak; the funds recorded $221.7m in daily net inflows.
- US payroll growth slows sharply in June; only 57,000 jobs were added against expectations of 114,000.
- Securitize tokenises $295m of stock on Solana and Avalanche; the tokenisation occurred alongside the company NYSE debut.
- TRON sets transaction and active address records; network usage in June exceeded 385m total transactions.
- US Treasury sanctions over 100 ISIS-K crypto addresses; the addresses were used to move over $1.4m.
- SEC statistics show stronger IPO activity in Q2 2026; a more active public market backdrop could aid crypto firm listings.
- Metaplanet buys 2,823 Bitcoin worth $170m; the Japanese firm now holds 43,000 BTC worth $2.58b.
- TRON Nile Testnet deploys quantum-resistant cryptography; the upgrade aims to secure the ledger against future decryption risks.
- Sui Testnet update v1.74.1 slashes gas costs; the protocol version 128 update reduces prices for users and developers.
- Kraken launches API Partner Program; the initiative targets algorithmic traders to deepen exchange liquidity.
- OpenAI discusses offering US government 5% stake; the proposal aims to ease political scrutiny of the AI industry.
- SBI Crypto to shut down mining pool; the pool currently holds roughly 2% of the Bitcoin hashrate.
- JPMorgan warns Strategy sales policy adds risk; the bank said the $4.7t firm created market uncertainty.
- France records 77 crypto kidnapping and extortion cases; authorities have arrested 200 people following a surge in physical attacks.
- Binance receives approval in the Philippines; the exchange is now authorised to offer crypto services in the country.
- EToro invests in onchain derivatives platform Extended; the move brings perpetual futures into the Zengo wallet.
- XRP bulls test path back toward $1.10; the token zipped 4% higher as buyers defended a higher low.
- Strategy authorises Bitcoin monetization program; the firm may sell some of its BTC to fund its capital management framework.
2) BTC and ETH ETF flows
| Metric | BTC | ETH |
|---|---|---|
| Net inflow | $221.7m | $29.1m |
| Value traded | $2,130.2m | $669.6m |
| Net assets | $74,369.3m | $9,019.9m |
| Cumulative net inflow | $51,079.2m | $10,889.0m |
3) X trending news
- US job numbers revised down; payroll data has been revised lower by 710,000 jobs since the start of 2025.
- Global stock cap hits record; the total market value has reached $166t, a 23.6% increase year over year.
- Petroleum Reserve falls to 1983 lows; the SPR declined by 5.5m barrels last week to a total of 326m.
- Metaplanet adds 2,823 Bitcoin; the firm’s total holdings are now worth approximately $2.58b.
- Binance approved in Philippines; the exchange is expanding its regulatory footprint in South East Asia.
- Dow Jones hits record high; the index surged nearly 600 points following weak labor market data.
- OpenAI government stake proposal; the firm has proposed giving the US government a 5% stake worth $42.5b.
- US credit card debt hits $1.25t; Americans are struggling to pay down a record amount of high interest debt.