“MUST CUT INTEREST RATES, NOW”

Find out our latest reports in partnership with Bybit, listed below:

• Bybit x Block Scholes Quarterly Report: What will drive crypto in Q3 2025?

• Bybit x Block Scholes July Volatility Review

• Bybit x Block Scholes Quarterly Report: Altcoin season and the evolving role of Bitcoin

‍

Daily Updates:

• The Federal Reserve begins its two-day policy meeting today.
• Stephen Miran, a senior economic adviser to President Trump, was confirmed by the U.S. Senate on Monday to serve on the Federal Reserve’s Board of Governors.
• Miran previously served as a senior strategist at Hudson Bay, an investment firm involved in trading claims related to the FTX bankruptcy, and has publicly advocated for streamlined cryptocurrency regulations.
• At the same time, a U.S. appeals court rejected the Trump administration’s request to remove Fed Governor Lisa Cook, appointed by President Biden, ahead of the meeting.

‍

• The central bank faces unusual pressures, with markets widely expecting a 25bps rate cut, the first since December, and growing speculation that the easing cycle could continue into next year.
• The political environment adds further complexity, with the President Trump publicly calling on Fed Chair Jerome Powell to adjust policy in the Truth social media:

“Too Late. MUST CUT INTEREST RATES, NOW, AND BIGGER THAN HE HAD IN MIND. HOUSING WILL SOAR!!!”

• The UK unemployment rate held at 4.7% in the three months to July 2025, unchanged from the previous period and the highest since late 2021. Increases were recorded among those unemployed for both 6–12 months and over a year, with joblessness rising across all duration groups compared with a year earlier.
• Employment, however, continued to expand, rising by 232,000 to a record 34.2M.

‍

• Gold extended its record-breaking rally, with prices climbing to around $3,690 per ounce on Tuesday, building on Monday’s surge when spot gold rose 1.1% to $3,680.80.
• December futures also settled 0.8% higher at $3,719. The gains have been underpinned by a weaker dollar, softer Treasury yields, and strong investor positioning ahead of the Federal Reserve’s two-day policy meeting beginning today.

‍

• Major U.S. stock indices also opened the week with gains, supported by expectations of a 25-basis-point Federal Reserve rate cut at tomorrow’s FOMC meeting.
• The S&P 500 and Nasdaq Composite both climbed to fresh all-time highs, while the Dow Jones Industrial Average rose modestly, remaining below last week’s record peak of 46,137.20.
• The Dow was up 93 points (+0.20%) at 45,926.77, the S&P 500 rose 30 points (+0.46%) to 6,614.50, just shy of its new record at 6,614.81, and the Nasdaq added 140 points (+0.63%) to 22,281.47, slightly below its all-time high of 22,290.61.

‍

• The U.S. dollar has weakened ahead of tomorrow’s FOMC meeting.
• The Dollar Index (DXY) is currently approaching 97.10, a level where buying activity has previously prevented further declines.

‍

• Helius Medical Technologies (Nasdaq: HSDT) has secured over $500M to launch a SOL treasury as the company’s primary reserve asset.
• Funding was led by Pantera Capital and Summer Capital, with additional participation from major investors including Animoca Brands, FalconX, Arrington Capital, and HashKey Capital.
• The offering includes stapled warrants, giving investors the option to purchase common stock at $10.134 each over three years, which is exercised could expand the total investment potential to $1.25B.

‍

• SC Ventures, the venture capital arm of Standard Chartered, is planning to raise $250M for a fund focused on investments in digital assets within the financial services sector, according to Bloomberg.
• The firm aims to launch the fund in 2026, with backing from investors in the Middle East, highlighting the region’s growing role in blockchain and crypto innovation.

‍

• Crypto asset manager Bitwise filed yesterday an S-1 with the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF) tracking AVAX, the native token of the Avalanche Layer 1 blockchain.
• According to the document, the ETF would provide investors a traditional brokerage route to access Avalanche without directly holding or trading the tokens, allowing more efficient execution of strategic and tactical asset allocation strategies.
• The fund would track the CME CF Avalanche–Dollar Reference Rate, hold AVAX tokens directly, and not use derivatives.
• The new filing positions Bitwise alongside competitors such as Grayscale and VanEck, who are also seeking to offer AVAX-focused investment products.

‍

• At BaseCamp 2025 yesterday, Base, Coincase’s Ethereum Layer 2 blockchain, announced it is beginning to explore a potential network token. However, there are no concrete plans or timelines that have been shared.
• Base also unveiled an open-source bridge to Solana, new features in the Base app beta, and a redesigned Base Build dashboard, all aimed at making it easier for developers to build, grow, and earn onchain.

‍

• The REX-Osprey XRP ETF ($XRPR), is set to launch this week marking the first U.S. XRP-based spot-exposed ETF.
• According to the SEC Filing, the Fund will hold at least 80% of its assets tied to XRP or related instruments through the REX-Osprey™ XRP Subsidiary. Additionally, it can use derivatives such as futures and swaps, or allocate to other crypto ETFs, including those linked to bitcoin and ether, depending on market conditions.

‍

This Week’s Calendar:

‍

‍

‍

Charts of the Day:

‍

‍

‍

‍