Key Takeaways
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Macro Environment: Optimism persisted as the S&P 500 and Nasdaq reached new record highs. Risk appetite broadened, with the Russell 2000 small-cap index surging 1.98%, far outperforming large caps. Comments from Fed Governor Besant regarding a possible 50 bps rate cut in September boosted both U.S. equities and bonds, sending Treasury yields broadly lower.
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Crypto Market: The cryptocurrency market continued its upward momentum, with investor sentiment remaining upbeat. Bitcoin briefly broke through the $124,000 mark intraday, surpassing Google’s market capitalization to become the world’s fifth-largest asset; Ethereum traded less than $100 away from its all-time high. Meanwhile, Bitcoin’s dominance edged lower, and gains in major cryptocurrencies fueled a broad-based rally across altcoins.
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Outlook for Today: U.S. July Producer Price Index (PPI)
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 6,466.59 | +0.32% |
| NASDAQ | 21,713.14 | +0.14% |
| BTC | 123,293.40 | +2.64% |
| ETH | 4,748.19 | +3.45% |
Crypto Fear & Greed Index: Crypto Fear & Greed Index: 75 (vs. 73 a day earlier) — classified as “Greed“
Project Highlights
Trending Tokens: USELESS, SOL, ADA
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USELESS (+43%): Coinbase added Useless Coin (USELESS) to its listing roadmap.
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OKB (+138%): X Layer completed its PP upgrade and launched an optimized OKB Gas Token economic model, planning to burn approximately 65.25 million OKB, fixing the total circulating supply at 21 million.
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SIGN (+10%): Sign Foundation announced the completion of its first $12 million SIGN token buyback.
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TRUMP (+6%): Canary TRUMP ETF registered in Delaware.
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PUMP (+1%): Pumpfun’s official account repurchased 175.3 million PUMP tokens over the past 24 hours.
Macro Economy
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U.S. Treasury Secretary: A 50 bps rate cut by the Fed is possible.
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U.S. Treasury Secretary: Will not support halting the release of employment reports.
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Fed’s Goolsbee: If inflation is seen moving toward the 2% target, it’s entirely possible to cut rates earlier.
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Fed’s Bostic: One rate cut in 2025 remains appropriate.
Industry Highlights
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Google Play Store to require government licenses for crypto wallet apps; Google clarified it will not restrict non-custodial wallets.
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Zhului Securities obtained approval from the Hong Kong SFC to provide virtual asset deposit and withdrawal services.
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Brazil’s sixth-largest city passed legislation to become the country’s “Bitcoin Capital.”
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BTC hit an all-time high, surpassing Google to rank as the 5th largest asset globally by market cap.
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Google search interest in altcoins reached its highest level in five years.
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Ethereum’s Fusaka hard fork scheduled for November 2025.
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MetaMask expected to announce details of its native USD stablecoin (mUSD) this week, with an official launch planned for the end of this month.
This Week’s Outlook
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Aug 14: U.S. July PPI; 2025 FOMC voting member and Chicago Fed President Goolsbee speaks on monetary policy.
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Aug 15: U.S.-Russia leaders’ meeting; U.S. July retail sales; Ghana’s deadline for virtual asset companies to complete registration; FTX to open next round of creditor claims registration, releasing $1.9 billion in disputed claim reserves.
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