Crypto Extends Rally as Weak Jobs Data Eases Fed Hike Fears
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- Bitcoin recovered to $61,600, up 6.5% from Tuesday's low of $57,750, after weak US jobs data lowered expectations for a Federal Reserve rate hike and lifted Nasdaq 100 futures by 1.9%.
- Ether accounted for $160 million of $417 million in 24-hour crypto futures liquidations as heavily bearish positioning was squeezed out, with ETH open interest climbing to its highest since June 10 alongside annualized funding rates near 10%.
- Uniswap (UNI) surged 11% on doubled daily trading volume after being confirmed as the primary automated market maker for Robinhood's layer-2 blockchain, announced July 1.
- Solana extended its weekly gain to 17%, trading around $80 after dropping to $68 the prior week, while AI tokens FET, RENDER and TAO rose 1.5%–2.3% after weeks of selling pressure.
- Despite the bounce, the source notes the broader crypto market structure remains bearish, with bitcoin needing to reclaim $67,000 and then $81,000 (May's local high) to reverse the downtrend of lower highs and lower lows.
- On Deribit, the most-traded BTC options over 24 hours were calls at strikes from $60,000 to $70,000, and block flows included a large long call condor betting on a $66,000–$68,000 range through July 17.
Why it matters: Despite the Friday rally, the source flags that the broader crypto market structure is still bearish—bitcoin must reclaim $67,000 and then $81,000 to reverse a sequence of lower highs and lower lows, meaning the 6.5% rebound from Tuesday's low may be a relief bounce within an intact downtrend. The extreme $160 million ether short squeeze signals capitulation, not necessarily a regime change.
