Macro Overview
- US ISM Services PMI: Came in lower than expected, a positive sign for the crypto market.
- US Unemployment Claims: Came in higher than expected, which is positive for the crypto market due to the negative correlation between two.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a 6.50% rise, bringing the total market capitalization to $3.95 trillion. Notably, BTC saw a rise of 4.85% and ETH saw a huge rise of 16.98%. Bitcoin’s dominance stands at 60.90%, while Ethereum’s holds at 12.88%.
- Trump Signs Order to Allow Crypto in 401(k) Plans: President Donald Trump has signed an executive order directing U.S. regulators to pave the way for cryptocurrencies, private equity, and other alternative assets in 401(k) retirement plans. The order tasks the Labor Department, SEC, and Treasury with reviewing and revising rules to expand investor access. This could open the door for broader crypto adoption through retirement savings accounts.
Note: A 401(k) is a type of retirement savings account in the U.S. where employees can set aside part of their salary to invest for their future. - Harvard Chooses Bitcoin Over Google in Q2 Portfolio: Harvard University’s investment arm, Harvard Management Co., held $117M in BlackRock’s spot Bitcoin ETF at the end of Q2, slightly surpassing its $114M stake in Google’s parent company, Alphabet. The Bitcoin ETF ranked as Harvard’s fifth-largest holding, while Microsoft topped the list with $310M.
- Ripple Buys Rail for $200M to Boost Stablecoin Payments: Ripple will acquire Toronto-based stablecoin payments platform Rail for $200M, aiming to expand in B2B digital asset transactions. Rail’s tech enables businesses to use stablecoin payment rails without holding crypto or dealing directly with exchanges. Ripple adds its global payment network and 60+ regulatory licenses to the deal.
Top Altcoins Update
- CEA Industries Becomes Largest Public Holder of BNB with $160M Purchase: CEA Industries’ subsidiary BNC bought 200,000 BNB for $160M, making it the biggest publicly listed holder of the token. The Nasdaq-listed firm recently shifted focus from nicotine vapes to building a BNB treasury, rebranding from VAPE to BNC. A $500M private placement, led by 10X Capital and CZ’s YZi Labs, supports this new strategy.
- Chainlink Launches Strategic LINK Reserve: Chainlink has introduced a strategic reserve to bolster long-term network growth, funded by both offchain enterprise payments and onchain service revenue. Over $1M in LINK has already been accumulated in the early phase, with plans for gradual expansion as more revenue is converted.
- Ethereum ICO Whale Sells 2,300 ETH for $9.9M: An early Ethereum ICO participant sold 2,300 ETH (worth ~$9.9M) to Kraken, leaving 1,623 ETH in their wallet. The whale originally received 20,000 ETH for $6,200 during the ICO, now valued at ~$86M. Past sales include 250 ETH in Dec 2024, 1,000 ETH in Feb 2024, and 3,000 ETH in Nov 2023.
- MetaMask Adds Support for Layer 1 Sei: MetaMask has integrated Layer 1 blockchain Sei, expanding its supported networks to over ten. Users can now access Sei-based dapps, tokens, NFTs, and swap or purchase SEI via built-in fiat onramps like credit cards and Apple Pay. A dedicated Sei ecosystem page in MetaMask Portfolio will showcase dapps and network activity, aiming to simplify and secure user onboarding.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Aug-12 | 6:00 PM | US CPI y/y | Actual’ less than ‘Forecast’ is good for crypto |
| Aug-14 | 6:00 PM | US PPI m/m | Actual’ less than ‘Forecast’ is good for crypto |
| Aug-14 | 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.
- Last week, BTC rallied close to its recent all-time high but has left a CME gap below, which could get filled. With key CPI and PPI data releases scheduled this week, market volatility is expected, and BTC may trade sideways in the near term.
- Key support levels to consider are around $117,000 and $115,000. On the upside, resistance level is at $122,000 – $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 to Bullish.
- ETH outperformed BTC last week, breaking above the key $4,000 resistance level. The focus now is on sustaining above this level. A small pullback is possible before the uptrend resumes, so short-term price action is likely to remain sideways this week.
- Significant support levels include $4000 and $3550, 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 continues to trade within a range, recently seeing upside movement in line with overall market strength. The key level to watch is $185 — a sustained breakout above this would signal renewed strength. For the coming week, SOL is expected to remain rangebound.
- 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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