Bullish Tone Builds in Crypto as U.S. Monetary Policy Outlook Softens

Crypto markets ended the week on firmer ground after weaker-than-expected U.S. jobs data reduced the odds of additional Federal Reserve rate hikes, while Uniswap also rallied on news of a partnership with Robinhood.

In total, the sector closed stronger than it began, with bitcoin trading near $61,600 after rebounding roughly 6.5% from Tuesday’s near two-year low of $57,750.

However, Friday’s advance was more subdued compared with Thursday’s 2.6% gain, which followed soft labor data and reinforced expectations that the Fed may hold rates steady.

Rate expectations remained the dominant driver as U.S. markets moved into a long weekend. Ether extended its recovery for a third straight day, rising 11.5% since Tuesday and adding 2.6% on Friday. Several altcoins also gained ground, with ADA, ZEC, and DASH up roughly 2.2%–3.1%.

Despite the bounce, the broader market structure still points to weakness, with most tokens continuing to form lower highs and lower lows. A clearer bullish reversal in bitcoin would require a move above $67,000, followed by a break of the May peak near $81,000.

In derivatives, ether led liquidations over bitcoin, with $417 million in total crypto futures wiped out in 24 hours—$160.8 million from ETH positions versus $97 million from BTC—highlighting heavier bearish positioning in ether.

Ether futures open interest remained elevated at 14.31 million, the highest since June 10, alongside annualized funding rates near 10% and strong trading activity, suggesting increased demand for leveraged long exposure.

Dogecoin futures also saw rising activity, with open interest climbing to 14.13 billion tokens, the highest since mid-May, signaling renewed speculative leverage similar to ether’s setup.

By contrast, tokens such as HBAR and ZEC showed weaker positioning, with HBAR posting the most negative 24-hour cumulative volume delta among majors, indicating more aggressive market selling. Still, most assets showed positive CVD readings overall, suggesting buyers remain in control.

Volatility continues to ease, with 30-day implied volatility for both bitcoin and ether trending lower after June’s spike, a signal of calmer conditions that often support trend continuation.

Options markets on Deribit showed a bullish bias, with bitcoin call positioning concentrated between $60,000 and $70,000 and ether calls clustered around $2,500. A notable block trade also included a BTC long call condor strategy targeting a $66,000–$68,000 range into mid-July.

Among altcoins, Uniswap (UNI) led gains after confirmation it will serve as the primary automated market maker for Robinhood’s layer-2 blockchain. UNI surged more than 11% in 24 hours, with trading volume doubling to $320 million on the news.

AI-related tokens including FET, RENDER, and TAO also posted modest gains of 1.5%–2.3% following recent weakness.

The broader altcoin market remains neutral, with CoinMarketCap’s “Altcoin Season” index at 46/100, reflecting a lack of strong directional conviction as risk sentiment remains mixed.

Solana (SOL) continues to outperform major assets, rising more than 17% over the past week to trade near $80 after rebounding sharply from lows around $68 earlier in the week.