Crypto markets ended the week on a stronger note after weaker-than-expected U.S. jobs data lowered the odds of another Federal Reserve rate hike, while Uniswap rallied on news of a partnership with Robinhood.
The broader crypto market closed the week in better shape than it began, with bitcoin trading near $61,600 after climbing roughly 6.5% from Tuesday’s near two-year low of $57,750.
However, Friday’s gains in bitcoin were relatively subdued compared to Thursday’s 2.6% jump, which was driven by soft U.S. employment data that reduced expectations for further Fed tightening.
The rate outlook continued to shape sentiment as U.S. markets entered a long weekend. Ether extended its recovery for a third straight day, gaining 11.5% since Tuesday and rising 2.6% on Friday alone. Several altcoins also moved higher, with ADA, ZEC, and DASH each up between 2.2% and 3.1%.
Despite the rebound, the broader market structure still leans bearish across much of the crypto sector, marked by a pattern of lower highs and lower lows. A shift in trend for bitcoin would require a move back above $67,000, followed by a break of the $81,000 level set in May.
On the derivatives side, ether overtook bitcoin in 24-hour liquidations, with $417 million in total crypto futures wiped out—$160.8 million of which came from ETH positions, compared with $97 million for BTC. The data highlights 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 positive volume indicators. This suggests increasing demand for bullish exposure and expectations of further upside.
Dogecoin futures also saw rising activity, with open interest reaching 14.13 billion tokens, the highest since mid-May, indicating renewed leverage demand similar to ether’s setup.
In contrast, tokens like HBAR and ZEC showed weaker positioning, with HBAR posting the most negative 24-hour cumulative volume delta among majors—signaling more aggressive selling via market orders. Still, most major tokens showed positive CVD overall, suggesting buyers remain in control.
Volatility metrics continue to ease, with 30-day implied volatility for both bitcoin and ether declining after June’s spike, pointing to calmer conditions and potential continuation of the uptrend.
Options activity on Deribit showed strong bullish positioning, with bitcoin call options concentrated between $60,000 and $70,000 and ether calls centered around the $2,500 level. A notable block trade included a BTC long call condor strategy targeting a range between $66,000 and $68,000 through July 17.
Among altcoins, Uniswap (UNI) led gains after confirmation that it will serve as the primary automated market maker for Robinhood’s layer-2 blockchain. UNI jumped more than 11% in 24 hours, with trading volume doubling to $320 million following the announcement.
AI-related tokens including FET, RENDER, and TAO also edged higher, rising between 1.5% and 2.3% after recent selling pressure.
The broader altcoin market remains neutral, with CoinMarketCap’s “Altcoin Season” index at 46/100, reflecting a lack of strong directional trend as risk appetite remains cautious.
Solana (SOL) continues to outperform major tokens, gaining more than 17% over the past week to trade near $80, rebounding from lows around $68 earlier in the week.
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