Macro Overview
- US JOLTS Job Openings: The JOLTS Job Openings data came in slightly below expectations. This signals a mild cooling in labor demand, which is slightly bullish for crypto markets. Lower job openings may support rate cut narratives in the future.
- US Advance GDP Q/Q: Advance GDP growth exceeded expectations this quarter. It reflects a resilient US economy, limiting upside in risk assets – crypto market for now.
- US Federal Funds Rate: The Fed held interest rates steady, in line with expectations. This was widely priced in, making the outcome neutral. However, a lack of dovish signals makes it slightly bearish for markets hoping for rate cuts.
- US Core PCE Price Index M/M: Core PCE, the Fed’s preferred inflation gauge, came in as expected. The result was neutral for markets, offering no surprise trigger.
- US Unemployment Rate: The Unemployment Rate remained unchanged and met forecasts. This data was neutral for the market, indicating stable labor conditions. It doesn’t strongly influence rate expectations in either direction.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a -5.45% fall, bringing the total market capitalization to $3.67 trillion. Notably, BTC saw a fall of -3.75% and ETH saw a fall of -7.98%. Bitcoin’s dominance stands at 61.94%, while Ethereum’s holds at 11.69%.
- Crypto Funds See $223M Outflows After 15 Weeks of Inflows: Global crypto investment products saw $223 million in net outflows last week, breaking a 15-week inflow streak. Initial inflows of $883M flipped negative due to hawkish Fed signals and strong U.S. economic data. Despite dovish payrolls, risk-off sentiment prevailed, with over $1B pulled on Friday. Analysts view it as minor profit-taking after $12.2B inflows over the past 30 days.
- Metaplanet Buys $54M in Bitcoin, Holds 17,595 BTC Total: Japan’s Metaplanet added 463 BTC worth $53.7M at an average price of $115,895 per coin. It now holds 17,595 BTC valued at ~$1.78B, ranking 7th among global BTC treasuries. The buy follows its $3.7B fundraise plan via perpetual preferred shares to back continued accumulation.
- PayPal Enables Crypto Payments for Businesses: PayPal now lets businesses accept over 100 cryptocurrencies, including Bitcoin and Ethereum, through its new “Pay with Crypto” service. Payments will auto-convert to fiat or stablecoins, making cross-border transactions easier.
Top Altcoins Update
- Lido Cuts 15% of Workforce to Prioritize Long-Term Sustainability: Ethereum liquid staking protocol Lido has laid off approximately 15% of its contributors across Lido Labs, Lido Ecosystem, and Lido Alliance. Co-founder Vasiliy Shapovalov clarified the move is cost-driven—not performance-based—aimed at strengthening long-term resilience and aligning with LDO tokenholder priorities. Despite the broader market uptrend, Lido is choosing operational efficiency and sustainable growth over short-term expansion.
- SharpLink Gaming Adds $43M in ETH, Treasury Now Worth $1.73B: SharpLink Gaming has acquired 11,259 ETH for $43.09 million USDC at an average price of $3,828 via Galaxy Digital’s OTC desk, boosting its total holdings to around 449,276 ETH, valued at approximately $1.73 billion. This follows an earlier $295 million purchase of 77,210 ETH, reinforcing SharpLink’s status as one of the largest corporate holders of ether. Chaired by Consensys founder Joseph Lubin, the company’s strategic ETH accumulation reflects rising corporate interest in Ethereum.
- Polygon Network Hit by One-Hour Outage After Validator Exit: Polygon went offline for about an hour on Wednesday due to a bug caused by a validator leaving the network. The issue affected the Heimdall system, which helps validators work together and connects Polygon to Ethereum. However, the Bor system, which creates blocks, kept running without any problems. The bug has now been fixed, and the network is back to normal.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Aug-5 | 7:30 PM | US ISM Services PMI | Actual’ less than ‘Forecast’ is good for crypto |
| Aug-7 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral.
- BTC dropped after a short-term range and is now sitting at a key support level along with its EMA. As per technical analysis and overall market sentiment, it is likely to remain range-bound for the next few days.
- Key support levels to consider are around $111,700 and $105,700. On the upside, resistance level is at $120,000 and $123,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral.
- ETH dipped after rejecting near the key $4,000 level. It’s expected to face difficulty breaking above that in the short term. Continued sideways movement is likely until the broader market and macro outlook become clearer.
- Significant support levels include $3370 and $3070, while resistance levels to watch are at $3890 and $4050.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent
Solana Technical Analysis
Summary:
- The current sentiment around SOL is Neutral.
- SOL saw a sharp drop and is now sitting at a key support level. As long as it holds above $159, a slight bounce is possible. However, price action is expected to remain slow in the coming days due to overall market conditions.
- Key support levels to consider are around $159 and $138. On the upside, resistance level is at $185 and $203.5.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
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