Key Takeaways
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Macro Environment: On the monetary front, May’s JOLTS job openings data and Powell’s reaffirmed “wait-and-see” stance at the ECB Forum dampened expectations for Fed rate cuts. On the fiscal side, the Senate narrowly passed the “Big and Beautiful” tax bill as tensions flared between Trump and Elon Musk, leading to a 5% drop in Tesla stock. On the trade front, Trump refused to postpone the July 9 tariff deadline and threatened tariffs on Japan and others. Overall, expectations for rate cuts have weakened slightly, while tariff uncertainty has risen, contributing to a decline in both the Nasdaq and S&P. A rotation in U.S. equity sectors was observed, with investors pulling out of tech stocks. The Russell 2000 outperformed, closing up 0.94%.
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Today's Outlook: U.S. June ADP Employment Report；Ethena (ENA) redemption ratio at 0.67%, worth approximately $10.7M
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 6,198.02 | -0.11% |
| NASDAQ | 20,202.89 | -0.82% |
| BTC | 105,686.50 | -1.36% |
| ETH | 2,405.00 | -3.24% |
Crypto Fear & Greed Index: 63 (Greed), down from 64 yesterday.
Project Highlights
Trending Tokens: HFT, H
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CFX: Linghang Pharma Biotech plans to acquire all shares of Conflux to enter the blockchain sector.
Macro Economy
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Trump: No plans to extend the final deadline for tariff talks, may raise tariffs on Japan
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India seeks a temporary trade deal with the U.S. this week
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Financial Times: U.S. officials aim to narrow the scope of the trade deal and finalize it by July 9
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U.S. Senate narrowly passes the tax reform “Big and Beautiful” bill; House vote expected on Wednesday
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President Trump: Hopes to unveil the tax and spending bill around July 4; open to extending the bill’s final approval deadline
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U.S. June ISM Manufacturing Index shrinks for the fourth straight month; May JOLTS job openings beat expectations
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Powell: Most Fed members expect a rate cut later this year; U.S. fiscal path is unsustainable and must be addressed early
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Treasury Secretary Bessent: The Fed will “definitely” cut rates by September at the latest
Industry Highlights
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SEC is reportedly working on universal listing standards for crypto ETFs. If met, issuers can bypass the 19b-4 process and directly submit an S-1, allowing exchanges to list the ETF after 75 days.
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Deutsche Bank plans to launch crypto custody services by 2026
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Crypto tax relief clauses were not included in Trump’s “Beautiful Act”
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xStocks has exceeded $1.5M in trading volume since launching tokenized stocks, with 1,551 active traders
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Circle launches Circle Gateway, a developer service aimed at unifying USDC balances and enabling instant cross-chain liquidity
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DDC Enterprise, a NYSE-listed firm, completed a $528M fundraising round, with net proceeds allocated to Bitcoin purchases
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SharpLink, dubbed the “MicroStrategy of ETH,” increased its holdings by 9,468 ETH at an average price of $2,411
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Pakistan proposes to deploy Bitcoin reserves into DeFi protocols for yield generation
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Figma, a design software company, disclosed holdings of nearly $70M in Bitcoin ETFs and has been approved to purchase an additional $30M worth of BTC
This Week's Outlook
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July 3
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U.S. to release June Nonfarm Payrolls at 20:30 UTC+8
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July 4
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U.S. markets closed for Independence Day.
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Elon Musk hints Grok 4 release after July 4.
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U.S. Senate expected to vote on Trump’s tax & spending package.
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Note: There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise.
