Here’s a breakdown of the major events and market-moving factors expected during the week beginning July 27.
Monetary policy decisions are likely to be a key influence on crypto markets this week, with the Federal Reserve, Bank of England, and Bank of Japan all expected to leave interest rates unchanged. However, traders will be monitoring whether rising energy costs could increase pressure on central banks to maintain tighter policy.
CME FedWatch data indicates a 33% probability of a U.S. rate increase, while prediction markets place the likelihood at 19%, up sharply from almost no chance earlier this month. Gregory Daco, chief economist at EY-Parthenon, said September could become the first major point when markets reassess the Federal Reserve’s policy approach, according to CBS News.
Thursday’s economic releases will provide the biggest near-term test, with U.S. second-quarter GDP and June PCE inflation data scheduled for release. A combination of stronger growth and persistent inflation could reinforce expectations that interest rates will stay elevated for longer, potentially creating pressure on crypto through higher yields and a stronger U.S. dollar. Softer economic data could weaken that outlook and support risk assets.
A Reuters poll found that all 70 economists surveyed expect the Bank of England to keep its benchmark rate unchanged at 3.75%. The Bank of Japan is also expected to maintain its policy rate at 1%, though markets anticipate another increase later this year.
Crypto investors will also track several industry events, including BitMEX’s early settlement of 35 derivatives contracts and the beginning of FTX’s approximately $900 million creditor repayment program. Quarterly results from Robinhood, Coinbase, and Strategy will offer insight into retail trading activity and the performance of crypto-focused treasury companies.
Major Events to Watch
Crypto Calendar
July 27: The CFTC’s consultation period on extending listed derivatives markets to operate 24/7 and allowing perpetual-style contracts for physically delivered or storable commodities concludes.
July 29: Polygon will execute its Ithaca hard fork upgrade on the mainnet.
July 30: BitMEX will settle and delist 35 derivatives contracts as the exchange continues its shutdown process.
July 31: FTX Recovery Trust will begin its fifth round of creditor distributions.
Macro Calendar
July 27, 8:30 a.m. ET: June U.S. Durable Goods Orders month-over-month report (previous reading: -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 covering monetary policy, economic conditions, and future rate guidance.
July 30, 5:00 a.m. ET: Eurozone Q2 GDP flash estimate.
July 30, 7:00 a.m. ET: Bank of England interest rate announcement, with expectations at 3.75%.
July 30, 8:30 a.m. ET: U.S. Q2 GDP advance estimate and weekly jobless claims report.
July 30, 8:30 a.m. ET: June PCE inflation data, including headline and core inflation readings.
July 30, 9:30 p.m. ET: China’s July manufacturing and services PMI figures.
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 figures.
Corporate Earnings Schedule
July 28: PayPal Holdings (PYPL) reports earnings before market open.
July 29: Robinhood Markets (HOOD), Riot Platforms (RIOT), and SoFi Technologies (SOFI) release 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 Updates
Decentraland DAO is voting on a proposal to reduce Wearables and Emotes submission fees to $25 while requiring annual governance reviews and 30-day updates for governance documents. Voting ends July 28 and July 30.
Cardano community members are voting on several treasury funding proposals, including 9.83 million ADA for Blockfrost API, 1.78 million ADA for the Daedalus wallet, and 4.96 million ADA for an enterprise ticketing solution. Voting concludes July 28.
Optimism is holding veto votes on two maintenance proposals involving changes to Ink Mainnet’s sequencer setup and transferring Swell’s administrative ownership to AltLayer as part of its wind-down process. The proposals will pass automatically unless vetoed by July 28.
Upcoming Token Unlocks
July 28: Grass (GRASS) will unlock 5.7% of its circulating supply, worth approximately $11.9 million.
July 29: Hyperliquid (HYPE) will release 2.8% of its circulating supply, valued at around $817 million.
July 29: Bitget Token (BGB) will unlock 0.7% of its circulating supply, worth approximately $21.5 million.
Token Launches
No major token launches are expected during the week.
