Bitcoin (BTC) steadied near $111,600 on Friday morning, showing relative resilience even as macro jitters pulled global risk assets lower. Ether (ETH) slipped 0.7% to $4,330 while Solana’s SOL (SOL) added 1.3% to trade above $204. XRP (XRP) hovered near $2.81, flat on the day but up 3.5% over the week.

The week’s backdrop has been dominated by U.S. labor data and shifting expectations around the Federal Reserve. Friday’s jobs report is widely expected to show unemployment climbing, firming bets on a September rate cut. But traders are no longer expecting an extended easing cycle.

“While high unemployment numbers indicated the Fed is likely to cut rates in mid-September, traders now believe that reductions throughout the rest of the year will be limited in scope,” said Jeff Mei, COO at BTSE. “The Fed is wary of introducing too much new money into the economy for fear of inflation. This is why gold has rallied while cryptocurrencies and stocks fell.”

Gold touched a fresh high above $3,500 an ounce earlier this week, indicative of a broad appetite for hard stores of value. That parallel has only heightened comparisons between the metal and bitcoin.

“Bitcoin has matured beyond being just a speculative asset and is widely recognized as a store of value and a hedge against currency debasement, fiscal instability, and geopolitical risk,” said Vikrant Sharma, CEO of Cake Wallet, in a Telegram message.

“Volatility has reduced but not disappeared, which is understandable for an asset just over a decade old. The narrative has shifted: it’s now a strategic allocation rather than just a speculative asset,» he added.

Sharma added that periods of low volatility often precede major price moves. “A $100,000 plus floor makes Bitcoin feel less like a high-beta trade and more like a global reserve asset in the making,” he said.

Despite headwinds, Bitcoin’s dominance has remained firm. It still commands approximately 60% of the total crypto market capitalization, helping to stabilize sentiment even as altcoins have swung sharply.

“Despite recent market volatility, Bitcoin has demonstrated remarkable resilience, dropping only 3% while maintaining its 60% dominance,” said Nassar Achkar, Chief Strategy Officer at CoinW, in an email.

“The Fed’s potential rate cuts later this year, combined with ongoing institutional adoption via ETFs and digital asset tokens, continue to provide strong fundamental support. That said, traders should remain cautious of shifting policies which may drive near-term fluctuations,” Achkar added.

The mixed outlooks come amid market fragility heading into September, historically crypto’s weakest month.