Key Takeaways
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Macro Environment: In terms of monetary policy, the ADP private employment report turned negative, slightly increasing expectations for a July rate cut. Market attention is now focused on the upcoming Non-Farm Payroll (NFP) data to be released on Thursday. On the tariff front, the U.S. and Vietnam have reached a trade agreement, and the U.S. Deputy Treasury Secretary expects to announce multiple trade deals next week. Positive developments in tariff policy boosted the Nasdaq and S&P 500 to new record highs. The small-cap Russell 2000 index continued its strong momentum, surging 1.41%.
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Crypto Market: During Asian trading hours, Bitcoin saw a strong rebound, further fueled by positive news regarding U.S. trade policy. The price broke through the $109,000 mark, ultimately closing up 2.98%. At the same time, ETH/BTC rose significantly by 3.78%, leading a general rally in altcoins. Bitcoin dominance decreased by 0.35% compared to the previous day, indicating a rise in market risk appetite.
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Today's Outlook: The U.S. will release the June Non-Farm Payroll report.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 6,227.41 | +0.47% |
| NASDAQ | 20,393.13 | +0.94% |
| BTC | 108,833.80 | +2.98% |
| ETH | 2,570.49 | +6.88% |
Crypto Fear & Greed Index: 73 (Greed), down from 63 yesterday.
Project Highlights
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BONK: Tuttle Capital has set July 16 as the earliest launch date for its 2x leveraged ETF.
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TIA: The tokenization of stocks is gaining momentum, driving discussions around coin-stock integration on Layer 2. The rising demand for L2s is expected to increase DA (Data Availability) demand.
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ONDO: Ondo Global Markets, a platform for U.S. stocks on-chain, is set to launch this summer.
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VIRTUAL: Virtual has updated its Genesis Points Program, expanding activities to content platforms like TikTok and Xiaohongshu (Little Red Book).
Macro Economy
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U.S. June ADP employment change: -33,000 (below both previous value and expectations)
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Trump: A trade agreement has been reached with Vietnam
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U.S. Deputy Treasury Secretary: Multiple trade agreements expected to be announced next week
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FHFA Director urges Congress to investigate Fed Chair Powell for fraud, citing grounds for removal
Industry Highlights
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Arizona Governor vetoes “Bitcoin Reserve” bill HB2324
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U.S. SEC has paused plans to convert Grayscale Digital Large Cap Fund into an ETF, citing further review
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DWS, a subsidiary of Deutsche Bank, will launch a euro-backed stablecoin regulated under MiCA rules
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Ripple has applied for a national banking charter
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Bit Digital underwriters fully exercised overallotment option, raising $162.9 million, possibly to purchase ETH
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U.S.-listed Chinese company Winning Group signs $1.3 billion deal to acquire 12,000 Bitcoins
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Trump Media files with SEC for a BTC-ETH blended spot ETF
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REX-Osprey SOL spot ETF recorded a first-day trading volume of $33.91 million
This Week's Outlook
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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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