Crypto Market Braces for Key Week as U.S. Jobs Data, Circle and Galaxy Earnings Take Focus

Crypto Week Ahead: Jobs Data, Earnings and Key Market Events to Watch

Bitcoin began the week near the $63,000 level, with the upcoming U.S. jobs report expected to be the most important macro catalyst for determining whether July’s recovery can continue. However, developments surrounding Iran could also become a major market driver in the days ahead.

A moderate increase in U.S. employment could provide the ideal outcome for risk assets such as cryptocurrencies. A softer jobs figure could reduce concerns about an economic slowdown while also keeping the Federal Reserve from moving toward additional rate hikes.

IG market analyst Tony Sycamore said a payroll gain of roughly 88,000 jobs, combined with unemployment remaining steady at 4.2%, would represent a balanced “Goldilocks” scenario for markets.

Investors will also be monitoring the U.S. government’s borrowing plans. JPMorgan strategist Jay Barry expects the Treasury to maintain its regular debt issuance schedule, which would help prevent additional pressure on interest rates. However, larger-than-anticipated debt sales could increase borrowing costs for consumers and businesses, potentially creating headwinds for crypto markets.

Beyond macro factors, traders will focus on quarterly results from companies including Circle, Galaxy, Block, and several bitcoin mining firms. Markets will also watch BIP-110, a proposal aimed at temporarily restricting non-financial data storage on the Bitcoin network, as it moves into its required miner signaling phase.

With current support below 3%, BIP-110 is unlikely to change Bitcoin’s main chain and may instead lead nodes supporting the proposal toward a smaller alternative chain.

Key Events to Monitor

Crypto Events

Aug. 3: Ctrl Wallet will begin its wind-down process, disabling sending, receiving, swaps, and decentralized application access while allowing users to export assets.

Around Aug. 7: BIP-110’s required miner signaling period is expected to begin at Bitcoin block 961,632.

Macro Data

Aug. 3, 10 a.m. ET: U.S. ISM Manufacturing PMI for July (previous: 53.3)

Aug. 4, 10 a.m. ET: U.S. JOLTS Job Openings for June (previous: 7.594 million)

Aug. 5, 8:15 a.m. ET: U.S. ADP Employment Change for July (previous: 98,000)

Aug. 5, 8:30 a.m. ET: U.S. Treasury Quarterly Refunding Announcement

Aug. 5, 10 a.m. ET: U.S. ISM Services PMI for July (previous: 54)

Aug. 6, 5 a.m. ET: Eurozone Retail Sales Year-over-Year for June (previous: 1.6%)

Aug. 6, 8:30 a.m. ET: U.S. Initial Jobless Claims for the period ending Aug. 1 (previous: 197,000)

Aug. 7, 8:30 a.m. ET: U.S. Nonfarm Payrolls for July (previous: 57,000), unemployment rate (previous: 4.2%), and average hourly earnings month-over-month (previous: 0.3%)

Aug. 8, 9:30 p.m. ET: China Consumer Price Index for July, including year-over-year (previous: 1.0%) and month-over-month (previous: -0.3%)

Earnings Calendar

Aug. 3: American Bitcoin (ABTC), before market open

Aug. 4: Hut 8 (HUT), before market open

Aug. 5: MercadoLibre (MELI), after market close
Circle Internet Group (CRCL), before market open
Galaxy Digital (GLXY), before market open
Riot Platforms (RIOT), before market open
Block (XYZ), after market close
TeraWulf (WULF), before market open

Aug. 6: CleanSpark (CLSK), after market close
MARA Holdings (MARA), after market close

Governance Votes

• Stake DAO is voting on extending SDGP-70 compensation to Arbitrum asdCRV LlamaLend borrowers affected by the May 27 vsdCRV oracle manipulation. Voting closes Aug. 3.
• 1inch DAO is voting on adopting the SEAL Safe Harbor Agreement, which would provide legal protection and up to $500,000 in rewards for whitehat hackers helping recover funds during active exploits. Voting ends Aug. 3.
• Giveth DAO is voting on allocating 8.5 million GIV tokens to extend staking rewards on Optimism and Gnosis Chain through February 2027. Voting closes Aug. 3.
• QuickSwap is deciding whether to keep its Old QUICK-to-New QUICK conversion process open indefinitely or introduce a six-month phase-out period. Voting ends Aug. 4.
• GoodDollar DAO is voting to create its first Treasury Committee to oversee budget planning and membership growth. Voting ends Aug. 5.
• Orbs is voting to formally establish the Orbs DAO, create initial multisig wallets, and delegate core responsibilities. Voting closes Aug. 6.

Token Unlocks

Aug. 3:

• Bittensor (TAO) unlocks 2.3% of circulating supply worth approximately $41.3 million.
• SUI unlocks 0.6% of circulating supply worth around $17.2 million.

Aug. 5:

• Succinct (PROVE) unlocks 116.7% of circulating supply worth approximately $39.3 million.

Aug. 7:

• Layer One X (L1X) unlocks 7.4% of circulating supply worth about $146.9 million.
• JTO unlocks 3.9% of circulating supply worth around $8.5 million.

Aug. 8:

• Stable (STABLE) unlocks 3.7% of circulating supply worth approximately $30.3 million.

Token Launches and Listings

Aug. 3: Kayan will begin its KYN token generation event and list on the Panoptes PBC ATS marketplace.

Aug. 7: Coinbase Prime will remove support for IDEX, Loopring (LRC), Omni Network (OMNI), Pirate Nation (PIRATE), and FIS.

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