Weak jobs report kills rate-hike fears, Bitcoin ETFs see fresh cash — long Bitcoin
A drastically weaker-than-expected U.S. jobs report just killed the threat of Federal Reserve rate hikes. With the pressure off, institutional buyers are finally flooding back into Bitcoin ETFs after two weeks of pulling money out.
Idea
The combination of a dismal June jobs report (only 57,000 jobs added) and the sudden breakout of $222 million in fresh capital into U.S. Bitcoin ETFs creates a high-conviction setup. The weak jobs data neutralizes the biggest risk to risk assets like crypto: rising interest rates. Meanwhile, the fact that large 'whale' investors were already aggressively buying the dip while ETF investors were selling shows that smart money was positioned for this exact macro shift. As rate-hike fears fade, the institutional capital flooding back into spot ETFs should act as fuel to push Bitcoin higher.