Summary
- The cryptocurrency market this week is taking its main cues from the FOMC minutes, US macroeconomic data and yen weakness.
- CoinDesk said SpaceX’s addition to the Nasdaq-100 and its Bitcoin holdings could influence buying demand from tracking funds and help satisfy institutional investment criteria.
- Large token unlocks for Hyperliquid (HYPE), Rain (RAIN) and PUMP are scheduled, making changes in related-token flows worth watching.
Forecast Trend Report by Period
The cryptocurrency market this week is focused on minutes from the Federal Open Market Committee’s last meeting, key US macroeconomic data and SpaceX’s scheduled entry into the Nasdaq-100.
CoinDesk reported on July 6 that the week’s calendar includes the minutes from last month’s FOMC meeting, US services-sector data, consumer inflation expectations and initial jobless claims. Those releases could offer clues on the Federal Reserve’s interest-rate path.
Among crypto-related stocks, American Bitcoin Corp. and SpaceX are drawing attention. American Bitcoin avoided a delisting threat after completing a 15-for-1 reverse stock split, cutting its shares outstanding to about 73 million.
SpaceX is scheduled to join the Nasdaq-100 on July 7. CoinDesk said the company would become the fourth Nasdaq-100 member to hold Bitcoin. The others are Tesla (TSLA), Strategy (MSTR) and MercadoLibre (MELI).
SpaceX is reported to hold 18,712 Bitcoin. CoinDesk said the index inclusion could spur buying demand from index-tracking funds and also help the company satisfy institutional investment criteria.
A weaker yen is also emerging as a macro factor to watch. CoinDesk said the negative correlation between Bitcoin and the dollar-yen exchange rate has recently grown unusually strong, with Bitcoin tending to rise when the yen weakens.
On July 6, investors will get the final reading of the US June S&P Global Services Purchasing Managers Index and the ISM Services PMI. US June consumer inflation expectations are due on July 7.
The FOMC minutes will be released on July 8. China’s June consumer price index is also due that day. On July 9, the US will release initial jobless claims, and John Williams, president of the Federal Reserve Bank of New York, is scheduled to speak.
Token-related events will also continue. Hyperliquid (HYPE) will unlock tokens worth about $30.39 million on July 6, equal to 0.2% of circulating supply. Rain (RAIN) is scheduled to unlock tokens worth about $786.9 million on July 11, equivalent to 7.64% of circulating supply. PUMP will unlock tokens worth about $130.2 million on July 12, or 29.12% of circulating supply.
In governance votes, ENS DAO, Frax DAO, Nexus Mutual DAO and Arbitrum DAO will take up proposals on renewing a security council, allocating a program budget, approving an operating budget and building a low-latency data stream, respectively.
No major corporate earnings releases or new token launches are scheduled for this week. Still, the market will be watching the FOMC minutes and US data for rate-path signals, while tracking how SpaceX’s Nasdaq-100 inclusion and major token unlocks affect flows in related assets.
