6 key takeaways from our latest Eyes on the Market:

1) Crypto underperformed equities this week. S&P 500 +0.73%, Nasdaq +1.80%, while BTC fell 2.78% to $63,556 and ETH fell 3.57% to $1,884.60.

2) FOMC held for a fifth straight meeting at 3.50%-3.75%, but the vote flipped from unanimous in June to 9-3, with three dissents pushing for a hike. Polymarket puts September hike odds at 59%, up from 31% a month ago.

3) BOJ held at 1.0% on an 8-1 vote and signaled a September hike is likely.

4) Japan intervened to defend the yen, buying back an estimated $59B on July 30. The US Treasury joined Friday funded by selling euros, its first direct yen support since 2011. Yen spikes 4% from the interventions.

5) BTC ETFs closed July at +$173M net, reversing back-to-back losing months in May and June. ETH ETFs closed July at +$347M.


6) BTC volatility sits near 52-week lows even as bond-market volatility (MOVE index) jumped 7.7%.

Read the full piece here: https://x.com/DWFLabs/status/2084262912835891689?s=20