Expectations of rising interest rates cooled down, and the US dollar weakened, driving a significant rebound in the crypto market on Thursday. Bitcoin returned above $80,000, and this also propelled mainstream tokens such as Ethereum, Solana, and XRP to rise in tandem. The US stock market also saw a recovery on that day.
Bitcoin returns above $80,000
Market data shows that Bitcoin has gained about 5% in 24 hours, rising to around $81,300. Ethereum has risen by about 4.7% to $2,497, while XRP has seen a gain of nearly 8%, and both BNB and Solana have also risen by about 5%.
Altcoins are seeing an even stronger upward trend. Zcash has risen by about 18%, breaking through the $1,000 mark; tokens such as HYPE and LIT have also reached new historical highs. Some highly volatile tokens have seen single-day increases of over 10%, indicating a clear rebound in risk appetite.
ETF One-day inflow reaches a new high since January
Funding conditions have also strengthened. On Thursday, US Bitcoin spot ETF recorded a net inflow of approximately $731 million, the largest single-day inflow since January this year. Ethereum spot ETF also saw an inflow of about $141 million.
During a rapid upward price movement, there was a large-scale liquidation in the derivatives market. In the past 24 hours, over 119,000 traders had their positions closed out, involving an amount of more than 500 million US dollars, indicating that the previously bearish positions were concentratedly squeezed out during the rebound.
Market Focus: U.S. Employment Data
The direct catalyst for this rebound is the cooling of market expectations regarding the Federal Reserve's continued interest rate hikes. Reports mention that before the release of the latest employment data, the market was still quite sensitive to subsequent policy paths, and the upcoming August employment report from the United States is one of the important datasets ahead of the September interest rate meeting.
If employment data does not significantly exceed expectations, the current rebound in risky assets may continue for some time; if the data once again raises expectations of tightening, market volatility could also increase again. In the short term, the trend of the crypto market will still be influenced by changes in macroeconomic data and interest rate expectations.
