Crypto Market Outlook This Week: Fed Meeting Minutes to Be Released, SpaceX to Be Included in Nasdaq 100 Index

BlockBeats News, July 6th. This week, the cryptocurrency market will focus on the Fed meeting minutes, U.S. economic data, and various cryptocurrency industry events. The macro environment and on-chain dynamics may collectively influence the trend of digital assets.

On the macro front, the Fed will release the minutes of the June FOMC meeting early on July 9th (Beijing time), and the market hopes to use this to assess the future interest rate path. In addition, U.S. ISM Services PMI, consumer inflation expectations, initial jobless claims, and China's June CPI data will also be released.

On the industry side, SpaceX will officially join the Nasdaq 100 Index on July 7th, becoming the fourth index constituent stock holding Bitcoin after Tesla, Strategy, and Mercado Libre. Data shows that SpaceX currently holds about 18,712 BTC, and it is expected to benefit from passive fund demand after being included in the index.

Furthermore, the U.S. mining company American Bitcoin (ABTC) will resume trading after completing a 1:15 reverse stock split to avoid delisting from Nasdaq; Berachain will complete the PoL Next upgrade on July 7th.

On-chain governance wise, ENS DAO, Frax DAO, Nexus Mutual DAO, and Arbitrum DAO will all conclude multiple governance proposal votes by the end of this week.

Regarding token unlocks, Hyperliquid (HYPE) will unlock 0.2% of the circulating supply on July 6th, worth around $30.39 million; RAIN will unlock approximately 7.64% of the circulating supply on July 11th, worth around $787 million; PUMP will unlock about 29.12% of the circulating supply on July 12th, worth around $130 million.

In addition to macro data, developments in the Russia-Ukraine situation and the continued weakening of the yen are also worth noting. Recently, Bitcoin has shown a strong negative correlation with the USD/JPY exchange rate, with Bitcoin's price often strengthening as the yen depreciates.