This week is marked 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 insight into the Federal Reserve’s next move.
Crypto-linked stocks are also in the news, with American Bitcoin (ABTC) avoiding 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 increase demand for the shares, partly because tracker funds need exposure to the company and partly because the stock is more likely to meet the companies’ investment criteria.
Others include Tesla (TSLA), Strategi (MSTR), and Mercado Libre (MELI). The space exploration company, which has 18,712 BTC, is expected to have more weight in the index than the latter two.
Beyond that, geopolitical developments and the yen’s further collapse against the dollar are factors to watch. Bitcoin’s negative correlation to the yen against the dollar has been unusually high, with BTC tending to rise when the yen weakens.
What to see
(All times ET)
- Crypto
- July 6: American Bitcoin (ABTC) to trade after 1-for-15 reverse stock split reduced the total number of shares outstanding to about 73 million.
- July 7: SpaceX (SPCX) joins the Nasdaq 100 index.
- July 7: Berachain (BERA) to undergo its PoL Next upgrade.
- Macro
- July 6 at 09:45: US S&P Global Services PMI final for June estimated 51.3 (prev 50.7)
- July 6 at 10:00: US ISM Services PMI for June (prev 54.5)
- 7 July at 11am: US consumer inflation expectations for June (previously 3.5%)
- 8 July at 14:00: US FOMC Minutes
- 8 July at 21:30: China’s consumer price index y/y for June (prev 1.2%)
- 9 July at 8.30am: Initial US jobless claims for the period ending July 4 (previous 215,000)
- July 9, 09:00: US Fed Williams keynote address on “The Future of Market Liquidity and Functioning”
- 10 July at 8:30 a.m.: Canada’s unemployment rate for June (previously 6.6%)
- Earnings
Token Events
- Governance Voices and calls
- ENS DAO votes on an executable proposal to renew its security council for a two-year term, implement an updated contract with an extension feature, and rotate one multisig signatory. Voting ends on July 6.
- The Frax DAO votes to allocate 42,000 wFRAX over six months to fund the EchoMarket Creator & Distribution Program. Voting ends on July 6.
- The 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.
- The Arbitrum DAO votes on a proposal to establish Fast Feed, a paid, low-latency data stream that provides 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.
- The token is launched
