Bitcoin holds steady. U.S. job growth slows sharply

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Geopolitical noise, a governance heist, and some macro data that flipped rate expectations overnight. This week had no shortage of storylines. Here’s what happened:

quick weekly news

Bitcoin holds steady as gold slides on fresh US-Iran escalation

Bitcoin held above $62,000 on Thursday while traditional safe havens moved in opposite directions. Oil up, gold down, as the US military completed another round of strikes against Iran and both sides raised the prospect of closing the Strait of Hormuz.Source: goodcryptoX

Bitcoin traded at $62,009, down 1.2% over 24 hours but up 1.6% on the week. ETH was off 1.2% on the day but up 5.7% over seven sessions. SOL lagged at $77.25, down 1.7% on the week. HYPE gained 5.9% on the week despite a small daily dip, and TRON added 4% over seven days, per goodcryptoX data.

The escalation reignited inflation concerns and pulled forward rate expectations, with money markets shifting their bet on the next Fed hike from December to October. Higher rates dragged gold lower; a non-yielding metal loses appeal when cash pays more. The same logic should be hurting Bitcoin, but it isn’t. An oil shock, a bond selloff, and a hawkish Fed repricing produced just a 1.2% daily move in an asset that used to shed 5% on a single Hormuz headline. Each successive escalation since February has extracted a smaller reaction than the one before.

What that suggests is a market that has stopped pricing Middle East risk as a crypto-specific event and started pricing it as a rates event, which is why Bitcoin is tracking the front end of the yield curve more closely than it’s tracking crude.

Sentiment backs this up. The Fear and Greed index has climbed to 27, pulling out of the extreme fear zone it occupied for 40 straight days. Traders are watching $60,000 as the level that decides the next leg. If Bitcoin absorbs another Hormuz escalation without breaking that floor while gold keeps sliding, the rotation out of the traditional hedge is real. If it breaks, the shrinking reactions were a function of a quiet tape, not a structural change.

U.S. job growth slows sharply in June, with just 57,000 payrolls added

The U.S. added just 57,000 jobs in June, well below the 110,000 economists had forecast and a sharp step down from May’s revised 129,000. The miss is likely to push back market expectations of a Fed rate hike to later in the year.Source: MarketWatch

The unemployment rate came in at 4.2%, a tick below the expected 4.3%, but the drop was driven by declining labor force participation, down to 61.5% from 61.8%, rather than genuine hiring strength.

According to CME FedWatch, the probability of one or more rate hikes by September dropped from around 65% to 50% in the minutes after the release.

The context matters. The year started with markets debating how many times the Fed would cut rates in 2026. Surging energy prices flipped that narrative, and new Fed Chair Kevin Warsh surprised many with a hawkish stance at the last meeting two weeks ago. A weak jobs print now adds a fresh wrinkle and gives the doves something to work with.

Strategy dramatically accelerates its Bitcoin sales pace, raising $216M

Strategy sold 3,588 BTC for approximately $216M last week, a dramatic acceleration from the 32 coins it sold a month ago in a move that rattled crypto markets. The company said proceeds will fund preferred stock distributions and replenish its U.S. dollar reserve, which stood at $2.55B as of July 5.Source: X

The sales were executed at an average price of roughly $60,000 per coin. Strategy now holds 843,775 BTC acquired for approximately $63.69B at an average cost of $75,476. The company did not sell any shares through its at-the-market equity program during the period and did not repurchase any shares under its buyback programs. The full $1.25B capacity under its recently announced Bitcoin Monetization Program remains unused.

BONK faces a $20M treasury drain after an attacker spent $4M to push through a malicious governance proposal

On-chain governance has long been pitched as the future of decentralized community management. A multimillion-dollar attack on BONK just showed what happens when a treasury is put at the mercy of a public vote that anyone can buy their way into.

BONK DAO was drained of roughly $20M on July 6, the result of a week-long scheme in which an attacker spent about $4.4M buying BONK tokens to force through a governance vote. Every step was technically a legitimate transaction: the buying, the vote, the payout, and together they carried out what most observers are calling a theft.

The sequence began on June 30, when an anonymous wallet submitted a proposal to transfer the DAO’s treasury to a wallet it controlled. To pass, it needed yes votes equal to 1% of BONK’s supply. Over July 4 and 5, a separate wallet acquired exactly that, buying BONK on Bybit and Binance and reportedly borrowing more through DeFi lending platforms.

The proposal, titled “BIP #76 – Sowellian BonkDAO”, passed with just seven wallets voting in favor, against more than 18,000 members who didn’t participate. Turnout was 2.9%. The 99.9% “yes” result was effectively a single voter agreeing with itself. Once the vote cleared, roughly $20M in BONK moved automatically out of the treasury into the attacker’s wallet. Nine hours later, about $188,000 was sent to an exchange to cash out, while the remaining $19M went to a multisig wallet.Source: BonkDAO

BONK prices fell 7% in the aftermath. BONK DAO has confirmed the attack and said it’s working with exchanges, bridges, and the Solana Foundation to manage the fallout.Source: goodcryptoX

The debate that followed was predictable. Some on-chain observers argued the attacker simply exploited a weak governance design rather than breaking any rules. BONK DAO and analytics firms treat it as an attack. Either way, the mechanism is the lesson: a treasury that can be drained by whoever assembles a temporary voting majority is only as secure as the cost of buying that majority, and here, that cost was far less than the prize.

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