This week is characterized by macroeconomic reports, which include the minutes from last month’s Federal Open Market Committee (FOMC) meeting, as well as economic data that may provide insights into the Federal Reserve’s next moves.
Crypto-linked equities are also in the news, with American Bitcoin (ABTC) dodging a Nasdaq delisting after a reverse split.
SpaceX, Elon Musk’s space transportation and AI company, joins the Nasdaq 100, becoming the fourth member of the tech-heavy index to hold bitcoin . Index membership is likely to boost demand for the shares, partly because tracker funds need exposure to the company and partly because the stock is more likely to meet firms’ investment criteria.
Others include Tesla (TSLA), Strategy (MSTR) and Mercado Libre (MELI). The space exploration firm, which holds 18,712 BTC, is expected to have more weight in the index than the latter two.
Beyond that, geopolitical developments and the further collapse of the yen against the dollar are factors to keep an eye on. Bitcoin’s negative correlation to the yen’s exchange rate against the dollar has been unusually high, with BTC tending to rise when the yen weakens.
What to Watch
(All times ET)
- Crypto
- July 6: American Bitcoin (ABTC) to trade after 1-for-15 reverse stock split reduced total outstanding shares to about 73 million.
- July 7: SpaceX (SPCX) to join the Nasdaq 100 index.
- July 7: Berachain (BERA) to undergo its PoL Next upgrade.
- Macro
- July 06, 09:45 a.m.: U.S. S&P Global Services PMI Final for June est. 51.3 (Prev. 50.7)
- July 06, 10:00 a.m.: U.S. ISM Services PMI for June (Prev. 54.5)
- July 07, 11:00 a.m.: U.S. Consumer Inflation Expectations for June (Prev. 3.5%)
- July 08, 02:00 p.m.: U.S. FOMC Minutes
- July 08, 09:30 p.m.: China Consumer Price Index YoY for June (Prev. 1.2%)
- July 09, 08:30 a.m.: U.S. Initial Jobless Claims for period ending July 04 (Prev. 215K)
- July 09, 09:00 a.m.: U.S. Fed Williams Speech in a keynote discussion on “The Future of Market Liquidity and Functioning”
- July 10, 08:30 a.m.: Canada Unemployment Rate for June (Prev. 6.6%)
- Earnings
Token Events
- Governance Votes & Calls
- ENS DAO is voting on an executable proposal to renew its Security Council for a two-year term, deploy an updated contract with an extension function, and rotate one multisig signer. Voting ends on July 6.
- Frax DAO is voting to allocate 42,000 wFRAX over six months to fund the EchoMarket Creator & Distribution Program. Voting ends on July 6.
- Nexus Mutual DAO is voting on a proposal to approve a 12-month budget of 1,108,875 USDC and 6,930 wNXM for its active DAO teams to fund operations, marketing, product development, and risk management through July 2027. Voting ends on July 9.
- Arbitrum DAO is voting on a proposal to establish the Fast Feed, a paid, low-latency data stream providing early access to sequenced transaction data on Arbitrum One. Voting ends on July 9.
- Unlocks
- July 6: Hyperliquid (HYPE) to unlock 0.2% of its circulating supply worth $30.39 million.
- July 11: Rain (RAIN) to unlock 7.64% of its circulating supply worth $786.9 million.
- July 12: to unlock 29.12% of its circulating supply worth $130.2 million.
- Token Launches