Macro Overview
- US Flash Services & Manufacturing PMI: Manufacturing PMI came in lower than expected, while Services PMI beat expectations. The mixed data led to a neutral effect on the market, with no clear directional impact.
- US Unemployment Claims: Came in lower than expected at 236K vs 244K, which is slightly negative for the crypto market.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a -0.85% downtick, bringing the total market capitalization to $3.86 trillion. Notably, BTC saw a rise of 0.35% and ETH saw a rise of 2.49%. Bitcoin’s dominance stands at 61.30%, while Ethereum’s holds at 12.08%.
- Galaxy Sells Over 80,000 BTC for Satoshi-Era Investor: Galaxy has facilitated the sale of more than 80,000 BTC, valued at over $9 billion, on behalf of a Satoshi-era investor, marking the largest-ever notional sale of Bitcoin to date.
According to Galaxy, the sale was part of the investor’s estate planning strategy, representing one of the earliest and most significant exits from the digital asset market. - Metaplanet Adds 780 BTC, Now Holds Over $2B in Bitcoin: Metaplanet has added 780 BTC, bringing its total holdings to 17,132 BTC worth over $2B. The latest purchase was made at an average price of $118,145 per coin. The company has spent $1.7B in total on Bitcoin at an average cost of $99,640. It remains the only non-U.S. firm among the top 10 corporate BTC holders.
- FTX to Begin $1.9B Creditor Payout on September 30: FTX will initiate its next round of creditor payouts on September 30, with $1.9 billion approved for release by the bankruptcy court. The record date for claim holders is August 15. So far, FTX has distributed $6.2 billion, and total repayments are expected to reach between $14.7B and $16.5B.
Top Altcoins Update
- SharpLink Gaming Buys $295M in Ethereum, Now Holds Over 438K ETH: SharpLink Gaming has added 77,210 ETH worth $295 million to its treasury, bringing total holdings to 438,017 ETH (~$1.7B). Backed by Joseph Lubin, the company continues its ETH accumulation strategy. This follows the appointment of ex-BlackRock exec Joseph Chalom as co-CEO.
- Polychain Sells $62.5M TIA Stake to Celestia Foundation Ahead of Reward Changes: Polychain Capital has sold its remaining TIA tokens worth $62.5M to the Celestia Foundation. These tokens will be reassigned to new investors with unlocks between August and November. The move follows criticism over Polychain’s liquid reward sales. Celestia’s upcoming Lotus upgrade will align staking rewards with token lock schedules.
- BNB Hits New All-Time High Above $850 Amid Institutional Interest: BNB surged to a new ATH of $861, fueled by strong institutional buying and bullish sentiment. The token is up 32% this month, with its market cap surpassing $115B. Analysts, including Standard Chartered, see potential for BNB to cross $1,000 this year, driven by its growing utility and rising derivatives activity.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Jul-29 | 7:30 PM | US JOLTS Job Openings | Actual’ less than ‘Forecast’ is good for crypto |
| Jul-30 | 6:00 PM | US Advance GDP q/q | Actual’ less than ‘Forecast’ is good for crypto |
| Jul-30 | 11:30 PM | US Federal Funds Rate | Actual’ less than ‘Forecast’ is good for crypto |
| Jul-31 | 12:00 AM | US FOMC Press Conference | More dovish than expected is good for crypto |
| Jul-31 | 6:00 PM | US Core PCE Price Index m/m | Actual’ less than ‘Forecast’ is good for crypto |
| Aug 1 | 6:00 PM | US Unemployment Rate | Actual’ greater than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral.
- BTC remained rangebound this week, as anticipated in our previous update. We expect this consolidation to continue for a few more days. The upcoming week could be pivotal due to month-end flows and several key macroeconomic events, likely bringing heightened volatility and potential directional clarity.
- Key support levels to consider are around $117,000 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 continued to consolidate near its key resistance level, as highlighted in our last weekly report. We expect this sideways movement to persist for a few more days. A successful breakout above $4,050 could trigger a strong upside move, but until then, price may continue to dip or remain rangebound.
- Significant support levels include $3525 and $3310, 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 remained rangebound this week and is likely to stay choppy until BTC and broader market sentiment become clearer. For the short term, $185 is a key level to watch — price action above it suggests bullish momentum, below it indicates bearishness, and near it implies continued sideways movement.
- Key support levels to consider are around $168 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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