Bitcoin traded over $81,000 as of Asian morning hours on Friday, up about 4% over 24 hours, after the rates market did the work. Traders now put the odds of a Federal Reserve rate increase this month at roughly even, down from above 63% earlier in the week, according to the CME FedWatch tool. Softer expectations pulled bond yields back and sent buyers into risk assets across the board.
Fed Governor Christopher Waller gave the move its trigger, saying he would support holding rates steady if price pressures kept easing. Treasuries and gold held the gains they made in the New York session that followed.
Zcash was the standout, up nearly 15% in 24 hours and 20% on the week, extending a run that has left it well clear of the rest of the market. Hyperliquid's HYPE added about 6% and XRP nearly 6%.
Ether, BNB and dogecoin each gained between 4% and 5%, while solana rose nearly 3% and TRON managed just over 1%, the weakest of the majors. The seven-day picture is far more muted, with bitcoin up roughly 1%, ether and XRP close to flat, and solana and TRON both down nearly 3%, according to CoinDesk data.
U.S. spot bitcoin exchange-traded funds took in about $277 million on Thursday on provisional figures, following four sessions that alternated between inflows and outflows. The funds have yet to string together a run of buying that would confirm the bid rather than a one-day rebound.
Global equities extended their advance, with MSCI's Asia Pacific gauge climbing nearly 1% and the All Country World Index rising for a third day. The dollar steadied after sliding to its lowest since May, and an index of Asian currencies reached levels last seen in October 2024.
The yen took most of the attention in Asia, strengthening about 2% on Thursday and erasing a month of gradual decline. Traders raised their bets on Bank of Japan rate increases and stayed alert to the risk of official intervention to push the currency higher.
It pared some of that move to trade near 156.35 per dollar, having touched 155.30 in the prior session.
A stronger yen usually drains liquidity from carry trades that fund positions in risk assets, and bitcoin absorbed the move without giving back its gains. Whether ETF inflows stay positive through the end of the week will show if institutions treated the rate repricing as a durable shift.