Crypto markets finished the week on a firmer footing after weaker-than-expected U.S. jobs data reduced the likelihood of additional Federal Reserve rate hikes, while Uniswap rallied on news of a partnership with Robinhood.
Overall, the sector ended the week 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.
That said, bitcoin’s Friday advance was more muted compared with Thursday’s 2.6% gain, which was fueled by soft U.S. labor data that further dampened expectations for Fed tightening.
Interest rate expectations continued to guide sentiment as U.S. markets headed into a long weekend. Ether extended its recovery for a third straight session, rising 11.5% since Tuesday and adding 2.6% on Friday. Several altcoins also posted gains, with ADA, ZEC, and DASH each up around 2.2% to 3.1%.
Despite the rebound, the broader market structure still leans bearish, with most tokens continuing to print lower highs and lower lows. A sustained trend reversal in bitcoin would require a move above $67,000, followed by a break of the May peak near $81,000.
In derivatives trading, ether surpassed bitcoin in 24-hour liquidations, with $417 million in total crypto futures wiped out—$160.8 million from ETH positions versus $97 million for BTC—reflecting 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. This points to growing demand for leveraged long exposure and expectations of further upside.
Dogecoin futures also saw increased positioning, with open interest rising to 14.13 billion tokens, the highest since mid-May, suggesting renewed appetite for leverage similar to ether’s setup.
By contrast, tokens like HBAR and ZEC showed weaker positioning, with HBAR recording the most negative 24-hour cumulative volume delta among majors, indicating more aggressive selling via market orders. Still, most major tokens posted positive CVD readings, suggesting buyers remain in control overall.
Volatility continues to ease, with 30-day implied volatility for both bitcoin and ether declining after June’s spike, signaling calmer conditions that often support trend continuation.
Options markets on Deribit showed a bullish tilt, with bitcoin call interest concentrated between $60,000 and $70,000 and ether calls clustered around $2,500. A notable block trade 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% to 2.3% after recent pressure.
The broader altcoin market remains neutral, with CoinMarketCap’s “Altcoin Season” index holding at 46/100, reflecting a lack of strong directional momentum as risk appetite stays mixed.
Solana (SOL) continues to outperform majors, rising more than 17% over the past week to trade near $80, rebounding strongly from lows around $68 earlier in the week.
