Crypto Prices Jump as Soft US Data Fuels Bullish Sentiment

The cryptocurrency market recorded gains on Thursday, May 1, following softer-than-expected macroeconomic data.

Bitcoin (BTC) rose 3.5% over the past 24 hours to above $97,000, while Ethereum (ETH) surged nearly 5.5% to approximately $1,862. XRP edged up 4.2% to $2.25, and Solana (SOL) gained 7.2% to $152.

The total cryptocurrency market capitalization increased 1.8% to $3.14 trillion, according to CoinGecko data.

Leveraged liquidations over the past 24 hours totaled $225 million across 77,173 traders, per CoinGlass. BTC liquidations amounted to around $96 million, while ETH liquidations totaled $45 million.

Despite the rally, U.S. spot Bitcoin ETFs recorded $56 million in outflows on Wednesday, after a solid eight days of inflows, with some trading days breaking multi-month records. BlackRock’s IBIT fund was in the green yesterday, attracting $267 million in inflows.

Spot Ethereum ETFs also recorded outflows, though more modest at $2.36 million, following a four-day inflow streak, according to data from SoSoValue.

Experts weigh in on macro

Experts attributed the rally to supportive macroeconomic developments on Wednesday and Thursday, including a softer-than-expected reading of the Personal Consumption Expenditures (PCE) Price Index. The PCE report recorded a 2.3% increase year over year, stronger that the 2.1% forecasted

“Feels like a lot of stars aligned today,” Dr. Kirill Kretov from CoinPanel, told The Defiant. “We had supportive macro prints including the soft Core PCE and a surprise GDP contraction.”

According to Dr. Kretov, these indicators point toward a more dovish Federal Reserve stance — a bullish signal for crypto. “Add to that extremely thin market liquidity, where even moderate flows can trigger outsized moves and of course, the buzz around Token2049 is adding fuel, with high-profile voices painting a strong long-term vision for the space.”

That said, he cautioned against being overly optimistic — while low liquidity can boost prices, it can also amplify risk. “Most large players are still trading volatility or staying delta-neutral,” he said. “We are in a sentiment-driven market, great for upside momentum, but fragile under pressure.”