📉 Market Drag & Mixed Sentiment

0-1BTC pulled back ~0.6% after briefly touching $110.3K on July 3  .

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📊 Key Drivers

404-0U.S. labor market boost caused a surge—June added 147K jobs, lifting BTC past $110K  .

534-0But worries over looming trade tariffs (20–30% on imports) dented risk sentiment afterward  .

💼 Institutional Flows & Seasonality

661-0July traditionally favors Bitcoin (avg +7%), and macro tides—rising deficits and loose policy—provide tailwinds  .

851-0U.S spot BTC ETFs saw substantial inflows (~5,530 BTC on July 3, ~602 M USD), resuming a six-week positive trend  .

🐋 Whales & On‑Chain Activity

989-0Dormant wallets moved ~$2 bn in BTC (20,000 BTC) from 2011 holdings—signaling renewed distribution/re-positioning  .

🔍 Outlook & What to Monitor

FactorImplicationMacroeconomic data1174-2~$106K has been pinpointed—watch for volatility around that strike  ETF flows & institutional buyingContinued inflows could cushion dips and lift broader sentiment

🧭 Today’s Take

Bitcoin is consolidating near $109K, navigating a tug-of-war between positive job-driven momentum and macro headwinds like trade tariffs. The backdrop for July remains favorable—seasonality, ETF inflows, and on-chain movement all hint at renewed interest. However, volatility should be expected, especially with $106K options expiry on tap.