Like previous Sunday nights, there was another small market movement last night, this time led by ETH, with prices breaking through $3,800 again. SUI also gained momentum over the weekend, briefly rising above $4.4, while BNB reached a new high, liquidating nearly $15 million in short positions during a low-volume weekend. Bitcoin, however, continued to hover around the $118,000 level, with trading volume even lower than Ethereum, continuing to fluctuate within a narrow range.
The reason for the rise of ETH is likely that a number of financial bigwigs and institutions continued to promote it over the weekend, including Tom Lee, Cathie Wood, Bitmex CEO Arthur Hayes, and Bitwise CEO Hunter Horsley, all publicly bullish on ETH. Additionally, two major ETH reserve companies, BitMine and SharpLink Gaming, continued to increase their positions before the weekend, making Ethereum the most favored asset.
Looking ahead to this week, a large amount of economic data will be released in the U.S., including the Fed's interest rate decision early Thursday morning, making it difficult to predict market trends. The content of Powell's press conference at 2:30 AM on Thursday will be particularly important, as the probability of a rate cut in September largely depends on his stance. Therefore, it is expected that both the U.S. stock market and the cryptocurrency market will be quite volatile this week, and special attention should be paid to position risk.
Here is a list of economic events to watch this week:
7/29 Tuesday: (Evening) JOLTS U.S. Job Openings and Labor Turnover Survey, CB Consumer Confidence Report
7/30 Wednesday: (Evening) ADP Employment Data (Small Non-Farm), U.S. Q2 GDP
7/31 Thursday: (Early Morning) Fed Interest Rate Decision and Powell Press Conference, (Evening) Core PCE, Unemployment Numbers
8/1 Friday: (Evening) Non-Farm Employment Data, Unemployment Rate, ISM Manufacturing PMI, U.S. Tariff Negotiation Deadline
