Macro Overview
- US CPI Y/Y: Came in higher than expected. While this is historically slightly negative, rising inflation may increase the chances of rate cuts, making it potentially positive for the market.
- US PPI m/m: Came in at 0.0% vs expected 0.2%, indicating easing inflation making it positive for the market in short term.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a 4.92% rise, bringing the total market capitalization to $3.86 trillion. Notably, BTC saw a rise of 0.95% and ETH saw a rise of 13.68%. Bitcoin’s dominance stands at 61.09%, while Ethereum’s holds at 11.47%.
- Trump Signs GENIUS Act: First Major Crypto Law in the U.S. : U.S. President Donald Trump has signed the GENIUS Act, the first major federal law establishing a regulatory framework for stablecoins. This landmark legislation marks a major step toward legitimizing crypto in the U.S., aiming to boost American leadership in global finance and digital assets. Trump stated the law will help cement U.S. dominance in crypto innovation.
- Trump Eyes Crypto and Gold in 401(k) Plans: Trump is reportedly planning an executive order to allow crypto, gold, and private equity in U.S. 401(k) retirement plans. This move, if implemented, could boost adoption by enabling exposure to alternative assets in professionally managed retirement accounts.
- Strategy Adds $740M in BTC: Strategy purchased 6,220 BTC worth $739.8M, increasing its total holdings to 607,770 BTC (worth ~$71.8B). This reaffirms strong institutional confidence in Bitcoin.
- SpaceX transfers $150M in BTC after 3 years: SpaceX moved 1,308 BTC (~$150M) to a new wallet after a 3-year dormancy, according to Arkham. This is the first on-chain activity since June 2022, when the firm sent 17,314 BTC to Coinbase. No official reason or statement was provided.
- Bitcoin Whale Moves $1.26B After Dormancy: Three wallets tied to a BTC whale moved 10,603 BTC (~$1.26B) after years of inactivity. These wallets received BTC in Dec 2020 when BTC was ~$18K. The entire holdings were transferred late Tuesday to new wallets, which remain unmoved.
- Bitcoin Dominance Drops Amid Ethereum Surge: Bitcoin dominance has dipped to ~58% as major altcoins, led by Ethereum, rallied strongly. ETH jumped from $2,500 to $3,500 in 10 days, marking a significant altcoin-driven sentiment shift even as BTC consolidates near $120K.
Top Altcoins Update
- 21Shares Files for ONDO ETF: 21Shares has filed for an exchange-traded product (ETP) tracking ONDO, the native token of Ondo Finance, a DeFi platform focused on tokenizing real-world assets. The S-1 filing was submitted to the SEC. ONDO is gaining attention due to its backing from World Liberty Financial, which has invested ~$500K into its treasury. This move is seen as a positive development for the project and the token, which has recently witnessed a new ATH.
- SharpLink boosts ETH holdings to 360,807 ETH after $97M share sale: Nasdaq-listed SharpLink, backed by Joseph Lubin, acquired 79,949 ETH last week for $3,238 each, raising its total to 360,807 ETH. The firm raised $97M via a share sale to fund the purchase, joining the growing Ethereum treasury race. This is a positive signal for ETH and has contributed to recent price strength.
- GameSquare buys 8,351 ETH amid treasury expansion: GameSquare acquired 8,351 ETH worth $30M at ~$3,592 average price. Alongside, it raised its crypto treasury allocation from $100M to $250M and launched a $10M NFT yield strategy. The move, backed by strategic partners, signals a strong commitment to digital assets.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Jul-24 | 7:15 PM | US Flash Services & Manufacturing PMI | Actual’ less than ‘Forecast’ is good for crypto |
| Jul-25 | 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 remained rangebound this week, which is typical after a strong rally. We expect it to continue consolidating in the coming days. The broader trend remains bullish with no signs of a reversal yet.
- Key support levels to consider are around $117000 and $111,700. 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 significantly outperformed BTC last week, as anticipated in our previous coverage. After grabbing liquidity, it’s now trading choppy around that level. Historically, ETH tends to consolidate after such moves, and we expect it to remain range-bound for a while.
- Significant support levels include $3300 and $3068, while resistance levels to watch are at $3750 and $4000.
- 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 gave a strong upswing as expected in our last report. However, it now looks overbought in the short term and may consolidate in a range over the coming week.
- Key support levels to consider are around $185 and $159. On the upside, resistance level is at $203 and $220.
- 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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