Ether and Solana lead weekly crypto rally

• Ether and Solana outperformed major cryptocurrencies as a wave of short liquidations lifted digital asset prices.
• Bitcoin approached US$62,000 after US$281 million in bearish crypto positions were liquidated over 24 hours.
• Weaker US jobs data reduced expectations of further Federal Reserve rate increases, supporting risk assets including cryptocurrencies.

Bitcoin (CRYPTO:BTC) climbed towards US$62,000 as Ether (CRYPTO:ETH) and Solana (CRYPTO:SOL) posted stronger gains, with a wave of short liquidations helping lift the cryptocurrency market during its strongest week since mid-June.

Bitcoin traded around US$61,360, up 2.5% over seven days, while Ether rose 4.2% over 24 hours and 9.7% for the week to about US$1,702, Solana gained 18.6% over the week to around US$80, and XRP (CRYPTO:XRP) added 5.7% to US$1.09.

Traders betting against cryptocurrencies lost US$281 million over the past 24 hours, compared with US$159 million in long liquidations, while the largest single liquidation was an US$18.2 million Ether position on Hyperliquid (CRYPTO:HYPE).

The weaker-than-expected June US employment report reduced expectations of further Federal Reserve interest rate increases, supporting risk assets, while analysts noted that forced buying by short sellers contributed to the market's recent gains.

The rally pushed most major cryptocurrencies higher, although analysts cautioned that short-covering alone may not provide lasting demand, while Bitcoin spot exchange-traded funds continue to experience monthly net outflows.

Broader financial markets also stabilised, with Asian shares rebounding after recent technology-led declines and Samsung Electronics rising following reports that Anthropic was discussing a custom artificial intelligence chip partnership.

Analysts said cryptocurrency markets enter the third quarter with lower liquidity, meaning price movements could remain more volatile as investors monitor macroeconomic data, ETF flows and institutional demand.

At the time of reporting, Bitcoin price was $61,538.22.