Hey there, Monday’s Pulse is back, baby! 🔥 

Forget the weekend - all eyes were on Trump's jaw-dropping Bitcoin Conference speech! 😱 

The former crypto skeptic nearly turned the event into a full-blown rally, not quite leading to our exact expectations!

But hold onto your seats, because next week's economic rollercoaster will be even wilder! 🎢 The upcoming data could make or break the Fed's rate cut swiftness.

Will the rocket boosters engage or will we hit some turbulence? 🌪️

WHAT’S HAPPENING? ⌛️

• Bitcoin Conference: Trump announces a lousy “Bitcoin Strategy”, Senator Lummis puts a cherry on top 🍒 🏦 

• Harris & Democrats push for a pro-crypto stance 👀 

• The Global Liquidity Index on the Spotlight 🔦 

• STRATEGY: Consolidation before The BIG Rally?🔥 🧐 

• (July 31) Fed Interest Rate Decision 🚨

• (August 2) Non-Farm Payrolls 🚨

• (August 2) Unemployment Rate 🚨

The Impacts: Galore ⭐️ 

Ethereum Spot ETF 🎇

As the Ethereum Spot ETF continues to an average of $1B a day in total volume (which is very impressive); flows remain negative for the week. As mentioned, these outflows are only from the Grayscale ETHE, which is not surprising, as the removal of ETHE's six-month lock-up period has led to redemptions from investors who were previously unable to exit their positions.

As more funds flow into these products over time, they could help offset the impact of ETHE outflows on the overall Ethereum ETF market.

When might we see these outflows settle?

The asset loss of Grayscale's Ethereum Trust (ETHE) is occurring at a faster rate compared to the Grayscale Bitcoin Trust (GBTC) since the launch of spot ETFs. This suggests that selling pressure on ETHE may subside sooner, allowing inflows from the new spot Ethereum ETFs to have a more significant positive impact on the market.

Bitcoin Conference: Bitcoin as a Strategic Reserve Asset 🔥 

The reason we say Trump didn’t quite meet our expectations the other day was because he did not mention any specifics of the US Gov. purchasing Bitcoin in any way.

He also almost turned his speech into a political rally, going off topic to discuss his rivals a little too much, and not enough about Bitcoin! (Our personal opinion 😄)

Here’s a TLDR of Trump's Speech at the Conference:

• Create a US Gov. Strategic BTC Stockpile (no mention of any value or purchase plan)

• US Gov. will keep 100% of Bitcoin it currently owns (~200,000 BTC) 🔥 

• Prevent any CBDC from occurring if he is elected

• The USA will be the crypto capital of the world

• BTC is not threatening the dollar, the current US Gov. is threatening the dollar

• BTC will surpass the market cap of gold at some point

• Create a BTC/Crypto Council run by pro-crypto members

Harris & The Democrats scramble for a pro-crypto stance 😅💨 

Following the BTC Conference and since Kamala Harris took over Biden’s place in the presidential race — they've been rushing to change their stance on crypto for the extra votes.

They’ve been approaching crypto companies and exchanges recently showing interest in “resetting” relations and building a more pro-crypto stance.

This “political” competition towards crypto is great as we might see a further push for more meaningful regulations and bills coming in-favour of the crypto community! 🔥 

US Economic Events this week 📊 

(July 31) Fed Interest Rate Decision

This Interest Rate decision will not be as key as it is already expected (~95.3%) that there will not be an easing.

However, we are anticipating September’s ease and looking at any Fed Comments and the rest of the week’s economic reports to suggest any HARD eases which may result in more risk-on liquidity in the market — and a potential unlock of the real bull market! 🧨🧨 

(August 2) Non-Farm Payrolls & Unemployment Rate

• What this means: Non-farm payrolls is a key economic indicator that measures the number of jobs added or lost in the U.S. economy over the previous month, excluding farm workers. The Unemployment Rate is similarly, the amount of unemployment in the economy.

• Prior/Forecast:

  • NFP: 206K Prior / 185K Forecast

  • Unemployment: 4.1% Prior / 4.1% Forecast

• Bullish Thesis: Under-expected NFP and Over-expected Unemployment results in a weaker dollar, leading to potential crypto pumps. If these negative reports are consistent, a hard Fed Rate Cut may be suggested 🚀 🌙 

• Bearish Thesis: The converse would lead to a stronger dollar, potential weakness in crypto and a softer Rate Cut for the Fed later in the year. 🐻 

As seen below, the unemployment rate has been consistently increasing, not being this high since November 2021. An over-expected increase to 4.2% would be bullish crypto for the end of the year as a more brute rate cut is likely to happen.

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