Key Takeaways
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Macro Environment: On Friday, U.S. July employment data fell short of expectations, sparking recession fears and increasing the likelihood of a rate cut in September. Additionally, the previous two months’ non-farm payroll (NFP) figures were significantly revised downward. Trump dismissed the head of the Bureau of Labor Statistics and continued attacking the Federal Reserve, triggering a crisis of confidence in U.S. statistical systems. Risk-off sentiment surged, pushing gold up 2%, while all three major U.S. stock indices closed lower, with the Nasdaq dropping over 2%. On Monday, U.S. equity futures opened higher, easing some of the panic.
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Crypto Market: The macro-driven panic extended into the crypto market. Bitcoin fell below $112,000 at its lowest point before rebounding 1.41% on Sunday. As fear eased, market sentiment shifted from neutral back to “greed.” The ETH/BTC ratio fell below 0.031, Bitcoin’s dominance rose to 62%, and altcoins generally pulled back.
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Outlook for Today: Solana Mobile’s second smartphone, Seeker, begins shipping on August 4 and will launch the SKR token
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 6,238.00 | -1.60% |
| NASDAQ | 20,650.13 | -2.24% |
| BTC | 114,204.10 | +1.41% |
| ETH | 3,496.68 | +3.04% |
Crypto Fear & Greed Index: 64 (up from 53 24 hours ago), indicating “Greed”
Project Highlights
Trending Tokens: ENA, CFX
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During the rebound, compliant concept tokens like XRP, XLM, ALGO, HBAR, and PENGU were among the first to recover
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SUI: Mill City Ventures secured a $500 million equity financing agreement to accelerate SUI treasury strategies
Macro Economy
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U.S. July NFP increased by 73,000, below market expectations; unemployment rate at 4.2%, in line with expectations but higher than the previous reading
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May and June NFP figures were revised down by 258,000 — the largest downward revision since COVID
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U.S. July one-year inflation expectations final reading: 4.5%, higher than both previous and expected
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U.S. July University of Michigan Consumer Sentiment final reading: 61.7, below both previous and expected
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Trump delayed the implementation of reciprocal tariffs by one week to August 7
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Trump: “NFP data was manipulated to embarrass me”; ordered immediate dismissal of BLS director and said Powell should "retire"
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Trump: If Powell doesn’t cut rates, the Fed Board should take control
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Fed Governor Kugler to resign next week, giving Trump an opportunity for new appointments
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Trump: Ordered deployment of two nuclear submarines to relevant regions
Industry Highlights
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Hong Kong’s Stablecoin Bill has officially taken effect
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UK’s FCA announced it will allow retail investors to trade crypto ETNs
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Tether has surpassed South Korea to become the 18th largest holder of U.S. Treasury securities
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Metaplanet plans to raise $3.7 billion to fund a large-scale Bitcoin purchase initiative
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Trump Media & Technology Group officially disclosed plans for the “Truth” token and wallet
This Week’s Outlook
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August 4: Solana Mobile’s second phone Seeker starts shipping, SKR token launch
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August 5: U.S. July ISM Non-Manufacturing PMI; ENA unlocks 2.70% of total supply, worth ~$95.8M
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August 6: MAVIA unlocks 23.03% of total supply, worth ~$1.9M
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August 7: Trump’s reciprocal tariffs take effect (postponed to August 7); Hong Kong’s RWA registration platform launches; Bank of England rate decision
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August 8: U.S. demands Russia and Ukraine reach a deal by August 8; IMX unlocks 1.30% of total supply, worth ~$12.2M
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