Bitcoin (BTC) staged a sharp rebound after US labor market data came in weaker than expected, easing worries that the central bank would keep tightening policy. That relief was enough to send the largest cryptocurrency higher again.
June nonfarm payrolls rose by just 57,000, far short of the consensus forecast of 115,000. Because the reading undershot expectations so heavily, the two-year US Treasury yield slipped and markets pared back their bets on a near-term rate hike. That shift helped Bitcoin climb away from its recent cycle low near $57,000.
Relief, But Not a Turning Point
CoinShares cautioned that while the number offered some comfort, it should not be read as a major change in policy direction.
Today's print helps at the margin; it does not amount to a policy pivot.
The firm said the market's reaction underlined just how sensitive Bitcoin is to shifts in interest-rate expectations. It also acknowledged that the broader macroeconomic backdrop remains difficult, though the heavy selling by larger investors has now calmed considerably.
Beneath the surface, the picture looks better than sentiment suggests. Whale distribution appears to have run its course.
The Whale Overhang Has Lifted
The report pointed out that wallets holding more than 100,000 BTC offloaded roughly $39 billion worth of Bitcoin after the October 2025 market peak. That selling pressure, however, has now largely faded.
That selling has since slowed to a stop, removing the dominant overhang that defined 2025.
CoinShares added that Bitcoin ETPs have seen about $2.7 billion in net outflows this year. Over the same stretch, artificial intelligence focused ETFs pulled in roughly $5.5 billion.
That divergence suggests investors rotated their money into one of the market's strongest-performing themes rather than walking away from Bitcoin entirely.
Options Market Still Playing Defense
Glassnode analysts struck a similarly careful tone, noting that defensive positioning has held firm in the options market even as Bitcoin recovers from around $58,000.
The firm said implied volatility, tracked by the DVOL index, has been climbing, a sign of rising uncertainty as the recent sell-off played out. Even so, volatility sits well below the levels seen during earlier major market disruptions, suggesting traders are simply repricing risk.
Glassnode added that options continue to favor downside protection. The one-week 25 Delta Skew remains positive, meaning put options are trading at a premium to calls. Bitcoin has also stayed in negative gamma territory, which means dealer hedging activity could magnify price swings in either direction.
According to the analysts, the current options setup shows investors staying watchful and bracing for more uncertainty despite the recent bounce.
At the time of writing, Bitcoin was trading at $62,450, up 1.5% over the previous 24 hours.
