Macro Overview
- US JOLTS Job Openings: Came in at 7.77M vs expected 7.32M, which is bearish for the market due to its negative correlation with risk assets like crypto.
- US Unemployment Rate: The US unemployment rate came in at 4.1%, lower than the expected 4.3%. Due to the inverse relationship between USD strength and crypto, this data is considered bearish for the crypto market.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a 1.25% uptick, bringing the total market capitalization to $3.32 trillion. Notably, BTC saw a uptick of 1.12% and ETH saw a rise of 3.26%. Bitcoin’s dominance stands at 65.21%, while Ethereum’s holds at 9.35%.
- Bitcoin OG Wallets Reactivate After 14 Years, Moving Billions in BTC: Dormant wallets holding 10,000 BTC each have moved for the first time since 2011. Originally worth just $7,800–$33,700 back then, the BTC is now valued at over $1.1 billion. This sudden activity from early adopters has caught the crypto market’s attention.
- Elon Musk’s America Party to Support Bitcoin: Elon Musk confirmed that his newly launched “America Party” will support Bitcoin, stating “Fiat is hopeless” in a post on X. The party, announced as an alternative to the current two-party system, aims to restore individual freedoms and challenge economic mismanagement. This pro-Bitcoin stance is seen as a positive signal for the crypto space.
- Metaplanet Boosts Bitcoin Holdings to 15,555 BTC: Japanese firm Metaplanet added 2,205 BTC worth nearly $239 million, raising its total holdings to 15,555 BTC. This move strengthens its position as the fifth-largest public company in bitcoin holdings globally. The purchase, made at an average price of ~$108,237 per BTC, highlights Metaplanet’s continued bullish stance on Bitcoin.
- Figma Reveals $70M Bitwise Bitcoin ETF Stake in IPO Filing: Design platform Figma disclosed in its SEC S-1 filing that it owns $70 million worth of Bitwise Bitcoin ETF (BITB) shares and has also purchased $30 million in USDC to further invest in Bitcoin. The move highlights growing institutional interest in crypto ahead of its planned IPO.
Top Altcoins Update
- TON Offers UAE Golden Visa Path via $100K Stake, UAE Denies Eligibility: The TON Foundation announced a program offering a 10-year UAE Golden Visa to those staking $100K in TON and paying a $35K fee, claiming no need for traditional qualifications. Toncoin jumped 6% after the news. However, the UAE government denied crypto investors are eligible, casting doubt on the offer’s legitimacy.
- Ondo Finance Acquires Oasis Pro to Expand Tokenized Securities Offering: Ondo Finance has announced its acquisition of U.S.-regulated broker-dealer Oasis Pro, aiming to expand its reach in the tokenized securities space. The deal will give Ondo access to key licenses including ATS and Transfer Agent, allowing it to serve U.S. investors with tokenized stocks and bonds. While the purchase price remains undisclosed and subject to regulatory approval, this move is seen as positive for the project — with ONDO token already seeing a price uptick following the news.
- DeFi Development Corp. Grows Solana Holdings to $96M: DeFi Development Corp. (DFDV) added 17,760 SOL to its treasury, taking total holdings to over 640,000 SOL—valued at $96 million. The purchases follow a $112.5M private placement and show strong commitment to Solana since the firm’s April acquisition by former Kraken executives. This is a positive sign for the project, and the token has seen a rise recently.
- Nano Labs Adds $50M in BNB, Expanding Crypto Treasury Strategy: Chinese chipmaker Nano Labs has added $50 million worth of BNB to its treasury, buying over 74,000 tokens at an average price of $672. This is part of its broader strategy to make BNB a core reserve asset, alongside BTC and working capital, with a target of holding up to 10% of BNB’s circulating supply. This move has been positive for sentiment, and the token has seen a recent uptick.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Jul-9 | 11:30 PM | US FOMC Meeting Minutes | More dovish than expected is good for crypto |
| Jul-10 | 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.
- Bitcoin traded choppy last week amid news of dormant 2011 wallet movement and Trump’s tariff announcement. The trend remains unclear until a clean breakout happens. Until then, BTC is expected to stay rangebound. Key mid range level is at $105,000.
- Key support levels to consider are around $106,500, $105,100 and $103,500. On the upside, resistance level is at $110,250 and $111,670.
- 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 and bounced from the key $2,480 support level, showing relative strength. For the upcoming week, the outlook remains sideways to bullish as long as ETH holds above this level. A break below $2,480 could open the door to a deeper pullback toward the next major support at $2,380. As always, BTC price action and broader global market trends will play a crucial role in influencing ETH’s next move.
- Significant support levels include $2480, $2380 and $2338, while resistance levels to watch are at $2675 and $2841.
- 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 in a bearish trend, with choppy price action expected to persist until the broader market direction becomes clearer. The $160 level stands out as a key zone—holding below it keeps the bearish bias intact, while a reclaim above it could hint at a short-term shift in momentum.
- Key support levels to consider are around $138, $130 and $122. On the upside, resistance level is at $160 and $185
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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