In this video, we’ll explore the key economic events and market trends, shaping the financial landscape. Get ready for insights into financial markets to help you navigate the week ahead. Let’s dive in!

👉 Key topics:

✔️US Inflation Rate
The first major event is the US inflation report on 12 August. Markets currently see a 55% probability of a Federal Reserve rate hike in September, but a weaker-than-expected inflation reading could reduce those expectations and put pressure on the US dollar. June’s softer inflation data already triggered a sharp dollar decline, while some analysts expect the Fed to keep rates unchanged for now and consider cuts next year.

✔️UK GDP Data
The UK GDP report on 13 August will be closely watched by sterling traders. Markets will focus on monthly, quarterly and annual growth figures. A significant surprise in the data could increase volatility across GBP pairs, with weaker growth potentially weighing on the pound.

✔️US PPI
The US Producer Price Index, also released on 13 August, will provide further insight into inflation pressures before they reach consumers. June’s weaker-than-expected PPI and Core PPI readings pushed the dollar lower, and another soft report could strengthen expectations of easing inflation and add further pressure on the US currency.

With several high-impact releases packed into the week, disciplined risk management will remain essential. Geopolitical developments continue to influence commodity and currency markets, while economic data could generate sharp short-term price swings.

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Michael Saylor posted a cringeworthy Q2 earnings call video this week, prompting an avalanche of criticism from Bitcoiners who are getting increasingly sick of Strategy selling bitcoin (BTC).

The AI-powered clip, created by “truth seeker maximalist” Alexes Nakamoto, features Strategy shareholders, including Head of Bitcoin Chatanya Jain, Chief Financial Officer Andrew Kang, and CEO Phong Le, dancing along to a rap “delivered” by Saylor in a bizarre semi-British accent.

The clip didn’t go down well with a community that’s growing increasingly frustrated at Strategy’s BTC sell-off, which has seen it shed 5,258 BTC (~$320 million) so far this year. 

Bitcoin (BTC) hit new August highs into Friday’s Wall Street open as markets reacted to weaker US jobs numbers.

Key points:

• Crypto and risk assets gained after US nonfarm payrolls fell by 23,000 in July.
• Fed interest-rate bets for September shift from a 0.25% hike to a pause on signs of a weaker labor market.
• Bitcoin and altcoins stayed “resilient” after a week of bearish surprises, per analysis from QCP Capital.

Crypto, stocks higher on low nonfarm payrolls print

Data from TradingView showed BTC/USD hitting $65,340 on Bitstamp, up 1.3% on the day, as fresh US labour-market data was released.

BTC/USD four-hour chart. Source: Cointelegraph/TradingView

The US economy lost 23,000 jobs in July, per nonfarm payrolls data from the Bureau of Labor Statistics (BLS), with the unemployment rate at 4.1%, numbers it described as “little changed” versus the month prior.

“The change in total nonfarm payroll employment for May was revised down by 66,000, from +129,000 to +63,000, and the change for June was revised down by 37,000, from +57,000 to +20,000. With these revisions, employment in May and June combined is 103,000 lower than previously reported,” an official statement added.

The combination of negative July values and downward revisions appeared to boost both crypto and US stocks, with traders linking weaker labor-market conditions with potential policy softening from the Federal Reserve.

The S&P 500 index opened 0.5% higher, while the tech-heavy Nasdaq Composite Index added just over 1%.

Data from CME Group’s FedWatch Tool reveals that markets are now expecting the Fed to hold interest rates at current levels at its September meeting. As late as yesterday, majority odds had favored a 0.25% rate hike.

Fed target-rate probability comparison for September FOMC meeting. Source: CME Group

Prior to the employment data release, Ryan Lee, chief analyst at Bitget Research, said that it would “set the tone” for both the September meeting and the Fed’s annual economic Jackson Hole economic symposium, taking place at the end of August. 

Fabian Dori, CIO at Sygnum Bank, predicted that Fed chair Kevin Warsh would be influenced by the extent to which payrolls data shifted lower. 

“An orderly slowdown supports the liquidity relief case, while a print weak enough to raise growth concerns can still pressure risk assets even as rate odds move,” he said in comments sent to Cointelegraph.

Analysis praises Bitcoin, altcoin “resilience”

In its latest crypto and macro overview released on the day, trading company QCP Capital described the macro picture as “uncertain” for Bitcoin.

Related: Bitcoin price-metric basket sees longest capitulation since FTX blow-up: Glassnode

“For crypto, the week’s price action points to resilience rather than clear directional confirmation,” it summarized.

QCP noted that the fallout from the Coldcard wallet exploit, along with BTC sales by corporations including Strategy, had only sparked “limited demand for panic protection” on options markets.

Previously, Cointelegraph reported on option traders’ expectations for a BTC price trading-range breakdown to occur next month.

Trading activity in both centralized and decentralized crypto derivatives cooled sharply in July, with perpetual futures volumes hitting multi-month lows across major venues. The slowdown points to thinner speculative momentum—an environment where liquidity and positioning often matter as much as spot demand.

According to CryptoRank’s data posted on X, perpetual futures trading volume on centralized exchanges (CEXs) fell to $4 trillion in July, the lowest level in 31 months since December 2023. The same report also tracked weakness across spot markets during the month, reinforcing the picture of reduced overall market participation.

Key takeaways

• CryptoRank data shows CEX perpetual futures volume dropped to $4T in July, a 31-month low.
• Binance accounted for most CEX perp volume at $1.4T, while OKX and Bybit posted $607B and $300B respectively.
• Coinglass reports CEX spot trading volume declined 23.6% in July to $13.6B from $17.8B at the start of the month.
• DefiLlama data indicates DEX perpetuals fell to $531B in July, near a one-year low, with DEX open interest also sliding.
• On leading DEX Hyperliquid, tokenized RWAs grew in importance, even as overall DEX perp activity declined.

CEX perpetual futures slide to a 31-month low

CryptoRank said that in July, perpetual futures trading on centralized exchanges totaled $4 trillion—down to the weakest point since December 2023. The month’s decline followed a brief recovery between April and June, after which volume fell again across major venues.

Binance led CEXs by volume with $1.4 trillion in monthly perpetual futures activity, according to the CryptoRank post. OKX came next with $607 billion, followed by Bybit at $300 billion.

For market participants, changes in perp volume can be a useful proxy for speculative activity and the willingness of traders to take leveraged exposure. When volumes compress—especially after a short rebound—liquidity and price discovery in derivative-heavy markets can become less resilient, even if underlying spot interest remains intact.

Spot weakness and the pullback in derivatives activity

Part of the broader contraction appears tied to spot trading as well. Coinglass data cited in the report shows daily spot crypto trading volume fell 23.6% from July 1 to July 31, dropping from $17.8 billion to $13.6 billion.

This matters because spot and derivatives flows often move together during risk-on or risk-off phases. With spot participation weakening over the month, it becomes more difficult for perp markets to maintain high turnover—particularly when traders are less eager to hedge or express directional bets through leverage.

DEX perpetuals near a one-year low, open interest declines

Derivatives activity also weakened on decentralized exchanges. DefiLlama data indicates DEX perpetual trading volume fell to $531 billion in July, the lowest level since June 2025. The report also described a 21% decline from June 2026’s $676 billion.

Beyond volume, DEX open interest fell as well. According to the same DefiLlama figures, open interest on DEXs dropped to $17.9 billion in July from a September 2025 peak of $19.4 billion. Open interest reflects the total value of active, unsettled perp contracts and can help signal whether new capital is entering the market or existing positions are being reduced.

In other words, July’s slowdown was not just about lower trading counts—it also reflected less outstanding leveraged exposure on DEX venues.

Hyperliquid remains a volume leader as RWAs gain share

Even as overall DEX perpetual activity declined, Hyperliquid stood out as the leading platform. DefiLlama-tracked performance in the report shows Hyperliquid generated $199 billion in reported trading volume over the past 30 days.

What appears to have changed on Hyperliquid is not its dominance of volume, but the composition of that volume. A larger portion of Hyperliquid’s trading has come from tokenized real-world assets (RWAs). The report states that RWAs accounted for 32% of Hyperliquid’s second-quarter trading activity, which corresponded to 6.6% of the protocol’s $169 million quarterly revenue.

The shift toward RWAs also shows up in category rankings. The article notes that tokenized assets became Hyperliquid’s largest trading category for the first time last month, with RWAs representing 52% of the protocol’s total weekly trading volume between July 13 and July 19.

For traders and builders, this is a meaningful divergence from the broader July picture: while total DEX perp volume and DEX open interest declined, Hyperliquid’s internal mix leaned more toward tokenized assets. That suggests demand for certain contract exposures may remain sticky even when overall leverage appetite cools.

What to watch next

With both CEX and DEX perpetual activity at multi-month lows and spot volume also down in July, the next signal for traders will likely be whether August brings renewed spot engagement and sustained perp open interest, or whether the contraction becomes a longer trend. At the same time, the growing RWA share on Hyperliquid raises a separate question: can tokenized-asset flows offset softer broader derivatives momentum in the months ahead?