Macro Overview
- US CPI m/m: Came in line with expectations, making it neutral for the market.
- US PPI m/m: Came in at 0.9% vs expected 0.2%, extremely bearish for the short term as it reduces chances of rate cuts. The market reacted negatively and saw a decline.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a -1.19% fall, bringing the total market capitalization to $3.85 trillion. Notably, BTC saw a fall of -2.35% and ETH saw a rise of 3.45%. Bitcoin’s dominance stands at 59.84%, while Ethereum’s holds at 13.42%.
- Crypto Market Liquidations Post PPI shock: Following hotter-than-expected PPI data, crypto markets faced heavy pressure with liquidations crossing $1 billion. Bitcoin dropped -2.19%, while Ethereum fell -4.73% as U.S. producer prices rose 0.9% m/m and 3.3% y/y, the fastest pace since February, well above expectations of 2.5%. CoinGlass data showed ~$782M in longs wiped.
- Thailand unveils TouristDigiPay: Thailand is launching a nationwide crypto payment sandbox, TouristDigiPay, allowing foreign tourists to convert crypto into Thai baht for digital payments via licensed providers. The program, starting Monday, requires KYC, restricts cash withdrawals, and enforces spending limits.
- Metaplanet expands bitcoin treasury: Japanese bitcoin treasury firm Metaplanet has purchased an additional 775 BTC for $93 million at an average price of $120,006 per coin, raising its total holdings to 18,888 BTC worth $1.94 billion. With an average purchase price of $102,653 per bitcoin, Metaplanet now ranks seventh globally among the largest corporate holders of BTC, according to Bitcointreasuries data.
- US Treasury rules out further BTC buys for reserve: US Treasury Secretary Scott Bessent has confirmed that government bitcoin holdings currently stand between $15 billion and $20 billion, lower than prior estimates of over $23 billion. He added that the Treasury is unlikely to purchase additional BTC for its Strategic Bitcoin Reserve (SBR), disappointing investors hoping for further accumulation.
Top Altcoins Update
- Mysterious institution’ accumulates $1B in ETH: An unidentified buyer has rapidly purchased 221,166 ETH (~$1B) in a week, including $212M in the last 24 hours, per Lookonchain. Using six wallets via Galaxy Digital, FalconX, and BitGo, the move coincides with Ether whale addresses hitting a one-year high — signaling renewed institutional demand.
- Story Protocol Co-Founder Exits After TGE: Jason Zhao has abruptly left Story Protocol shortly after its token launch, sparking speculation of internal power struggles. The project, which raised $134M and secured a $360M bet from a U.S. firm, is backed by a16z and recently saw its IP token added to Grayscale’s Top 20 list. Zhao’s departure has fueled criticism of VC influence and governance within the project.
- LayerZero (ZRO) Jumps 4% on Stargate Merger News Despite Token Unlock Risks: ZRO rallied after the LayerZero Foundation announced a $110M acquisition of Stargate Finance, merging STG into ZRO at a fixed rate. The move boosts LayerZero’s position in cross-chain infrastructure, fueling market confidence. Meanwhile, traders eye the August 20 unlock of 25.71M ZRO tokens ($58.36M), a potential supply overhang. For now, optimism around the merger outweighs dilution fears, keeping momentum intact.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Aug-21 | 6:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| Aug-22 | 7:30 PM | US Fed Chair Powell Speaks | More dovish than expected is good for crypto |
| Day 2 | – | Jackson Hole Symposium | – |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral to Bearish.
- As highlighted in last week’s report, BTC has remained sideways and is now resting at the key 50 EMA (D) support. Near term price action looks technically weak, and we expect a sideways move or a minor pullback of 4–5% in the coming days. Traders should closely track the key levels outlined in the chart for entries and exits.
- Key support levels to consider are around $111,700 and $105,700. On the upside, resistance level is at $118,500 & $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 closed last week net positive, once again outperforming BTC by a wide margin. Currently, it is range-bound between two key levels, with $4000 acting as the crucial support to watch. A pullback toward $4000 this week looks likely, followed by a potential continuation to the upside depending on the reaction at retest. Overall, we expect sideways price action in the short term.
- Significant support levels include $4000 and $3550, while resistance level to watch is at $4770.
- 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 to Bearish.
- SOL traded sideways last week, making an attempt to break above the key $203 resistance but failing to hold. It is now trading below the critical S/R level at $185, which leaves it technically weak in the short term. Considering overall market conditions and technicals, we expect a slight decline or sideways movement this week.
- 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.
Disclaimer: “The information, advise and/or views provided on this page are that of the author or company and are for informational purposes only. The Platform does not intend to: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) to provide accounting, legal, or tax advice, or investment recommendations, or (iii) make any representation of any kind, express or implied, on accuracy, availability, reliability or completeness of the same. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. AT NO TIME WILL THE PLATFORM BE LIABLE FOR YOUR USE OR RELIANCE OF THE SAID INFORMATION, ADVISE AND/OR VIEW WHICH IS SOLELY AT YOUR OWN RISK.”
