Bitcoin Hovers Around $107,000 as Traders Await U.S. Economic Data

Crypto markets began the week with little movement, as investors processed last week’s U.S. inflation data and shifted their focus to upcoming jobs numbers and interest rate policy.

Bitcoin (BTC) is flat over the past 24 hours and is currently trading at $107,600. Meanwhile, Ethereum (ETH) gained 1.5% on the day, trading at $2,480. Solana (SOL) surged 4.2% to $157, boosted by news that the first Solana staking ETF will launch on Wednesday.

The total cryptocurrency market capitalization declined by 1.4% over the past 24 hours to $3.44 trillion, according to CoinGecko. Around $241 million in leveraged positions were liquidated during the same period, including $64 million in ETH, $57 million in BTC, and $27 million in altcoins, according to CoinGlass.

U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $501 million in inflows on June 27, marking two consecutive weeks of net inflows. Meanwhile, spot ETH ETFs recorded $77 million in inflows, according to SoSoValue data.

Market analysts explained that today’s muted price action reflects investor caution ahead of U.S. economic data releases, including non-farm payrolls and the June PPI and CPI reports.

“With liquidity expectations rising, crypto assets may see a short-term rebound opportunity,” said analysts from Bitunix in a statement shared with The Defiant. “If BTC holds above $106,000, it could challenge resistance around the $110,000 zone.”

They said following market trends could work right now, but it’s important to keep positions small to manage risk.

“Pay close attention to the upcoming non-farm payroll data and June CPI,” the analysts added. “Weaker-than-expected results would strengthen support for risk assets; otherwise, downside risk remains. For mid-term positions, it is advisable to wait for more clarity on Fed policy before making major adjustments.”

CoinShares Fund Flows

Digital asset investment products recorded $2.7 billion in inflows last week, according to CoinShares’ weekly Fund Flows report. This marked the 11th straight week of gains and brings the year-to-date total to $16.9 billion. Moreover, this figure nearly matches 2024’s mid-year figure of $18.3 billion.

“We believe this resilient investor demand has been driven by a combination of factors, primarily heightened geopolitical volatility and uncertainty surrounding the direction of monetary policy,” the report reads.

Bitcoin led with $2.2 billion in inflows, which accounted for 83% of the weekly total, while short-Bitcoin products recorded $2.9 million in outflows.

Ethereum followed with $429 million in inflows last week, bringing its YTD total to $2.9 billion. Solana, on the other hand, has experienced just $91 million in inflows for the year so far.