Key Takeaways
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Macro Environment: U.S. July PPI data far exceeded expectations, hitting a near three-year high and indicating unexpectedly strong producer prices. The inflation rebound dampened the U.S. stock rally—Nasdaq slipped slightly, S&P barely closed higher, while U.S. Treasuries and gold retreated, and the U.S. dollar rebounded.
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Crypto Market: Following the PPI release, the crypto market saw a sharp pullback, with Bitcoin once dropping to around 117k and closing down 4.06% for the day. ETH fell 4.24% in tandem, but the ETH/BTC rate held steady, reflecting Ethereum’s relative resilience. Bitcoin dominance declined for the third consecutive day, altcoins fell in line with the broader market, and overall sentiment remained stable without signs of panic escalation.
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Outlook for Today:
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Russia-U.S. leaders meeting
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U.S. July retail sales data
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Ghana requires virtual asset companies to complete registration by Aug 15
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FTX to launch next round of claims registration on Aug 15, releasing $1.9B in disputed claim reserves
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Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 6,468.53 | +0.03% |
| NASDAQ | 21,710.67 | -0.01% |
| BTC | 118,293.40 | -4.06% |
| ETH | 4,547.05 | -4.24% |
Crypto Fear & Greed Index: 60 (vs. 75 a day earlier), classified as “Greed”
Project Highlights
Trending Tokens: SKL, OMNI
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Altcoins generally pulled back, with no clear trending hotspots
Macro Economy
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U.S. July PPI YoY: 3.3% (est. 2.5%, prev. 2.4%); MoM: 0.9% (est. 0.2%)
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U.S. Treasury Secretary Bessent warns: Bank of Japan is falling behind, expects rate hikes to curb inflation
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Fed’s Daly: A sharp rate cut next month seems inappropriate
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Fed’s Musalem: A 50-basis-point rate cut does not align with current economic conditions or data
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Trump (on meeting with Putin): “I think Putin might make a deal”
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U.S. to temporarily exempt certain Russia sanctions
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Fed reverse repo facility usage drops to lowest since 2021
Industry Highlights
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Upbit operator partners with Vietnam’s MB Bank to launch the first domestic crypto exchange
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U.S. Treasury Secretary: Bitcoin reserves valued at ~$15B–$20B, will stop selling holdings
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U.S. Treasury Secretary: The U.S. is building a Bitcoin reserve “as a store of value for the people”
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Ethereum Google search volume hits an all-time high
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Ethereum ETF total AUM surpasses $30B for the first time; CME Ethereum futures July trading volume reached $118B, also a record high
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Google invests $3.7B to acquire an 8% stake in Bitcoin mining firm TeraWulf
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Futu Securities launches retail trading for Solana (SOL)
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U.S. SEC delays Solana ETF decision to Oct 16
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Citigroup considers offering stablecoin and crypto ETF custody and payment services
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