Weak Jobs Data Lifts Bitcoin as Whales Accumulate and Congress Stalls on Clarity Act

Bitcoin surged to roughly $65,300 last Friday after the July U.S. jobs report delivered a sharp miss, with the economy shedding 23,000 positions against an economist forecast of 80,000 new jobs and the unemployment rate ticking to 4.1%. The disappointing labor data cooled expectations for additional Federal Reserve rate hikes, and Yahoo Finance noted that lower rates are broadly supportive of risk assets like Bitcoin. BTC held near $64,940 heading into the weekend, up about 2.8% on the week, with a market cap of roughly $1.30 trillion and 24-hour trading volume of around $21.2 billion.

Spot Bitcoin ETF inflows added a further tailwind to the rally. BlackRock's IBIT alone pulled in over $170 million of the $211 million in total daily inflows recorded earlier in the week, reflecting continued institutional demand even as BTC trades about 48% below its all-time high of $126,080, set in October 2025. Ethereum also firmed, moving above $1,900 after opening the week near $1,868, as progress on U.S.-Iran Strait of Hormuz negotiations eased broader geopolitical risk sentiment.

Clarity Act Faces Last Chance Before August Recess

On Capitol Hill, crypto's other major headline involves the stalled Clarity Act, which would draw clear jurisdictional lines between the SEC and the CFTC over digital assets. The Hill reported that the bill is facing a make-or-break moment, with experts warning that the current four-week stretch is likely the last window for passage before the November midterm elections. Senate Majority Leader John Thune has not scheduled a floor vote, and Polymarket odds on 2026 passage have dropped from above 80% in February to roughly 35%, a development that could delay token classification certainty for the broader industry.

Separately, on-chain data firm CryptoQuant released its Smart Money report on August 5, showing that the largest holders of Bitcoin, Ether, and XRP have been quietly accumulating through the recent price weakness. Bitcoin whale balances, excluding exchanges, mining pools, ETFs, and treasury companies, have recovered to about 3.06 million BTC from a December 2025 low of 2.87 million, with buying accelerating after BTC fell below $60,000 in June. Total crypto market capitalization stands at about $2.29 trillion, recovered from a cycle low near $2.05 trillion but still roughly 46% below the $4.27 trillion peak of October 2025.