Bitcoin ETFs See Biggest Daily Inflow Since May After Jobs

US spot Bitcoin ETFs recorded $223 million in net inflows on Thursday, the largest single-day intake since May, the funds data showed. The inflow came as Bitcoin rebounded above $62,000 after falling below $58,000 earlier in the week.

The June payroll report showed U.S. employers added 57,000 jobs, roughly half of economists’ expectations. The Bureau of Labor Statistics revised April and May payrolls down by a combined 74,000. The unemployment rate fell to 4.2% as the labor force shrank by about 720,000 and the participation rate moved to 61.5%. The household survey recorded a decline in employment of 507,000. Job gains were concentrated in education, health care and social assistance, which added about 69,000 jobs; leisure and hospitality payrolls slipped, and government payrolls rose by about 8,000.

Rick Rieder, chief investment officer of global fixed income at BlackRock, described the report as “more fizzle than fireworks,” describing the broader labor market as cooling gradually rather than showing widespread job losses.

The $223 million inflow ended a 10-day stretch of withdrawals that removed $2.73 billion from U.S. spot Bitcoin ETFs, per SoSoValue data. Santiment data show nearly $8.5 billion in net outflows from Bitcoin ETFs since early May.

Market reactions included a slide in the two-year Treasury yield to about 4.11%, a weaker dollar and gains in gold. Futures prices show traders are less certain a 25-basis-point Fed hike will occur in October, while maintaining some probability of another increase before year-end. Tuan Nguyen, an economist at RSM US LLP, expects the June jobs data will keep the Federal Reserve on hold at its July meeting and give policymakers time to assess incoming reports.

On-chain and market indicators remain mixed. Bitwise estimates that about 47% of Bitcoin supply is currently held at a profit, with aggregate unrealized losses near $281 billion; realized losses have fallen with each price drop. Options positioning shows negative gamma concentrations around $60,000 and $55,000 and positive gamma near $62,000. Research from 10x Research notes Bitcoin is above its seven-day moving average but below its 30-day moving average. Exchange-flow data earlier in the week showed heavier transfers of Bitcoin to trading platforms, including activity from larger holders, which raised available supply on exchanges during the price decline.

Market participants are watching whether ETF inflows persist in the coming sessions.