Crypto Market Outlook for the Week: Federal Reserve Meeting Minutes to be Released, SpaceX to Be Included in the Nasdaq 100 Index
Comparatively, the crypto market will focus on the minutes of the Federal Reserve meeting, US economic data, and various crypto industry events this week. The macro environment and on-chain dynamics may influence digital asset trends together.
On the macro side, the Federal Reserve will announce the minutes of the June FOMC meeting in the early morning of July 9, Beijing time. The market hopes to use this to determine the future interest rate path. In addition, the US ISM service sector PMI, consumer inflation expectations, initial jobless claims, and China's June CPI data will be released one after another.
On the industry side, SpaceX will be officially included in the Nasdaq 100 Index on July 7, becoming the fourth index component to hold Bitcoin after Tesla, Strategy, and Mercado Libre. According to the data, SpaceX currently holds about 18,712 BTC, and it is expected to benefit from the passive allocation requirements of index funds after being included in the index.
Additionally, US mining company American Bitcoin (ABTC) will resume trading after completing a 1:15 reverse stock split to avoid being delisted by NASDAQ; Berachain will complete the PoL Next upgrade on July 7.
In terms of on-chain governance, ENS DAO, Frax DAO, Nexus Mutual DAO, and Arbitrum DAO will all end voting on multiple governance proposals this week.
In terms of token unlocking, Hyperliquid (HYPE) will unlock 0.2% of the tokens in circulation on July 6, worth about $30.39 million; RAIN will unlock about 7.64% of circulation, worth about $787 million; and PUMP will unlock about 29.12% of circulation on July 12, worth about $130 million.
In addition to macroeconomic data, developments in the Russian-Ukrainian situation and the continued weakening of the yen are also worth watching. Recently, the exchange rate between Bitcoin and the US dollar showed a strong negative correlation with the depreciation of the yen often accompanied the strengthening of the price of Bitcoin.
