Here is a preview of the key events and market catalysts for the week beginning July 27.
Interest rate decisions could become the main driver for crypto markets this week, with the Federal Reserve, Bank of England, and Bank of Japan all expected to keep policy unchanged. However, investors will be watching closely for signals on whether rising energy costs could push central banks toward tighter monetary policies.
CME’s FedWatch tool currently shows a 33% probability of a U.S. rate hike, while prediction markets place the odds at 19%, a notable increase from nearly zero earlier this month. Gregory Daco, chief economist at EY-Parthenon, said September may represent the first significant test of the Federal Reserve’s policy direction, according to CBS News.
The most important economic data releases arrive Thursday, including U.S. second-quarter GDP figures and June Personal Consumption Expenditures (PCE) inflation data. Strong economic growth combined with persistent inflation could strengthen expectations for interest rates to remain elevated for longer, potentially weighing on crypto through higher bond yields and a stronger dollar. Weaker data, however, could reverse that trend.
A Reuters survey showed that all 70 economists expect the Bank of England to maintain rates at 3.75%, while the Bank of Japan is also expected to hold rates at 1% before potentially increasing them later this year.
Crypto markets will also face several industry-specific events, including BitMEX’s early settlement of 35 derivatives contracts and the beginning of FTX’s approximately $900 million creditor repayment process. Earnings reports from Robinhood, Coinbase, and Strategy will provide additional insight into retail participation and the performance of digital asset treasury companies.
Key Events to Watch
Crypto
July 27: The CFTC’s public comment period on expanding listed derivatives trading to 24/7 and permitting perpetual contracts for physically delivered or storable commodities ends.
July 29: Polygon is scheduled to complete its Ithaca hard fork upgrade on the mainnet.
July 30: BitMEX will settle and remove 35 derivatives contracts as part of its ongoing platform shutdown process.
July 31: FTX Recovery Trust is expected to begin its fifth creditor distribution.
Macro Events
July 27, 8:30 a.m. ET: U.S. June Durable Goods Orders month-over-month data release (previous: -4.5%).
July 28, 9:30 p.m. ET: Australia June CPI year-over-year data and RBA Trimmed Mean CPI release.
July 29, 2:00 p.m. ET: Federal Reserve interest rate decision, with expectations at 3.75%.
July 29, 2:30 p.m. ET: Fed Chair press conference covering monetary policy, interest-rate expectations, and the economic outlook.
July 30, 5:00 a.m. ET: Eurozone Q2 GDP growth rate flash estimate.
July 30, 7:00 a.m. ET: Bank of England interest rate decision, expected at 3.75%.
July 30, 8:30 a.m. ET: U.S. Q2 GDP growth advance estimate and weekly initial jobless claims.
July 30, 8:30 a.m. ET: June U.S. PCE inflation report, including headline and core PCE figures.
July 30, 9:30 p.m. ET: China July manufacturing and non-manufacturing PMI data.
July 30, 11:00 p.m. ET: Bank of Japan interest rate decision, expected at 1%.
July 31, 5:00 a.m. ET: Eurozone July CPI flash estimate, including core inflation data.
Corporate Earnings
July 28: PayPal Holdings (PYPL) reports before market open.
July 29: Robinhood Markets (HOOD), Riot Platforms (RIOT), and SoFi Technologies (SOFI) report earnings.
July 30: Mastercard (MA), Coinbase Global (COIN), and Strategy (MSTR) release financial results.
July 31: Cboe Global Markets (CBOE) and Trump Media & Technology Group (DJT) report earnings.
Token Governance and Network Events
Decentraland DAO is voting on reducing Wearables and Emotes submission fees to $25, along with introducing annual governance document reviews and 30-day update requirements. Voting concludes July 28 and July 30.
Cardano’s community is voting on several treasury proposals, including allocations of 9.83 million ADA for Blockfrost API, 1.78 million ADA for the Daedalus wallet, and 4.96 million ADA for an enterprise ticketing platform. Voting ends July 28.
Optimism is conducting veto votes on two maintenance proposals involving Ink Mainnet’s sequencer configuration and transferring Swell’s administrative ownership to AltLayer during its wind-down process. The proposals will automatically pass unless vetoed by July 28.
Token Unlocks
July 28: Grass (GRASS) will unlock 5.7% of its circulating supply, valued at approximately $11.9 million.
July 29: Hyperliquid (HYPE) will unlock 2.8% of its circulating supply, worth around $817 million.
July 29: Bitget Token (BGB) will unlock 0.7% of its circulating supply, valued at approximately $21.5 million.
Token Launches
No major token launches are scheduled for the week.
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