Woofun AI reports that Bitcoin spot ETFs recorded a net inflow of $224 million on Thursday, halting a ten-day outflow period following approximately $2.4 billion in redemptions. U.S. labor data fell short of expectations, reducing the implied probability of a Federal Reserve rate hike later this year from 85% to 77%, while the likelihood of an increase this month declined from 30% to 18%.

QCP Capital analysts observed that options market pressure eased alongside the spot price recovery, with one-month at-the-money implied volatility decreasing from the mid-40% range to the high-30s. The term structure returned to a positive spread after inverting during the sell-off.

However, QCP noted that accelerating wage growth and falling unemployment suggest labor supply contraction rather than demand cooling, leaving room for a hawkish stance. Market attention now shifts to July 14th CPI, July 15th PPI, and the end-of-month FOMC meeting.