Here’s a preview of the key developments and market catalysts expected in the week starting July 27.
Interest rate decisions are likely to shape crypto market sentiment this week, with the Federal Reserve, Bank of England, and Bank of Japan all expected to keep borrowing costs unchanged. However, investors will be watching for signs that higher energy prices could increase pressure on central banks to maintain a more restrictive policy stance.
CME FedWatch data shows a 33% chance of a U.S. rate hike, while prediction markets currently price the odds at 19%, a significant increase from almost zero earlier in the month. Gregory Daco, chief economist at EY-Parthenon, said September could mark the first major point for evaluating the Fed’s policy direction, according to CBS News.
The most closely watched economic indicators arrive Thursday, with U.S. second-quarter GDP and June PCE inflation figures scheduled for release. Strong economic growth combined with continued inflation could strengthen expectations for interest rates to remain elevated for longer, potentially weighing on crypto markets through higher Treasury yields and a stronger dollar. Softer economic data could reduce those pressures and support risk assets.
A Reuters survey showed that all 70 economists expect the Bank of England to maintain its interest rate at 3.75%. Meanwhile, the Bank of Japan is expected to hold rates at 1%, though another increase remains possible later this year.
Crypto markets will also face several important events, including BitMEX’s early settlement of 35 derivatives contracts and the beginning of FTX’s roughly $900 million creditor repayment process. Earnings reports from Robinhood, Coinbase, and Strategy will provide additional clues about retail trading activity and the performance of crypto treasury companies.
Events to Monitor
Crypto Events
July 27: The CFTC’s comment period on expanding listed derivatives trading to a 24/7 schedule and allowing perpetual contracts for physically delivered or storable commodities comes to an end.
July 29: Polygon will complete its Ithaca hard fork upgrade on the mainnet.
July 30: BitMEX will settle and remove 35 derivatives contracts as part of its ongoing shutdown process.
July 31: FTX Recovery Trust will begin its fifth creditor distribution.
Macro Economic Calendar
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’s June CPI report and RBA Trimmed Mean CPI data.
July 29, 2:00 p.m. ET: Federal Reserve interest rate decision, with expectations at 3.75%.
July 29, 2:30 p.m. ET: Federal Reserve press conference discussing monetary policy, economic conditions, and future rate expectations.
July 30, 5:00 a.m. ET: Eurozone second-quarter GDP flash estimate.
July 30, 7:00 a.m. ET: Bank of England interest rate decision, with forecasts pointing to 3.75%.
July 30, 8:30 a.m. ET: U.S. second-quarter GDP advance estimate and weekly initial jobless claims.
July 30, 8:30 a.m. ET: June PCE inflation report, including headline and core inflation readings.
July 30, 9:30 p.m. ET: China’s July manufacturing and non-manufacturing PMI reports.
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 data, including core inflation figures.
Corporate Earnings
July 28: PayPal Holdings (PYPL) reports earnings before the market opens.
July 29: Robinhood Markets (HOOD), Riot Platforms (RIOT), and SoFi Technologies (SOFI) release quarterly results.
July 30: Mastercard (MA), Coinbase Global (COIN), and Strategy (MSTR) announce earnings.
July 31: Cboe Global Markets (CBOE) and Trump Media & Technology Group (DJT) report financial results.
Token Governance and Network Developments
Decentraland DAO is voting on a proposal to lower Wearables and Emotes submission fees to $25 and introduce annual reviews plus 30-day update requirements for governance documents. Voting concludes on July 28 and July 30.
Cardano’s community is voting on multiple treasury proposals, including 9.83 million ADA for the 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 the transfer of Swell’s administrative control to AltLayer during its wind-down. The proposals will automatically pass unless vetoed by July 28.
Token Unlock Schedule
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 this week.
