Bitcoin and Ethereum rose after the June US non-farm payrolls report on July 2, with BTC climbing back over $61,000 and ETH gaining more than 5% into the July 3 session, per Yahoo Finance market data.
The print reinforced expectations that Fed policy could ease sooner rather than later, which paired cleanly with new Fed Chair Kevin Warsh's softer inflation remarks the same week.
The reaction matters because Friday jobs data has become the single most reliable monthly catalyst for crypto since ETF flows started dominating price discovery - it is the moment traders reset macro assumptions for the next four weeks.
The second-order risk is that positioning around each NFP has grown crowded, so the next print that surprises hawkish could produce an outsized drawdown as leveraged long positions unwind together.
Watch open interest and funding rates over the weekend, ETF flow data early next week, and Fed speakers before the July FOMC meeting.
