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ETH Future open interest hits a record!
ETH Futures market just set a new record with open interest at $53 billion, equivalent to over 14 million ETH held in long and short positions.
The continuous rise since June shows large capital flowing into the futures market
The U.S. House has passed 3 key crypto bills:
GENIUS Act: Stablecoin legal framework
CLARITY Act: SEC vs. CFTC roles
Anti-CBDC Act: Blocks Fedโs CBDC
GENIUS Act heads to Trump for signing; others go to the Senate.
๐ Big step for crypto regulation in the U.S
"Trump opens the $9 trillion retirement market to Crypto.
According to the Financial Times, President Trump is expected to sign an executive order this week allowing retirement funds like 401(k) and IRA to invest in Bitcoin, gold, and digital assets.
"Regardless of the data, every time an economic report drops, Trump calls out Powell: 'You're too late, cut rates now!'
He also mentioned Powell is under investigation, but didn't specify the details."
PPI inflation data drops at 7:30 PM tonight.
๐ PPI is similar to CPI but focuses on production.
๐ Data interpretation:
Higher than forecast (0.2%) = bad news.
Matches forecast (0.2%) = market fluctuations.
Lower than forecast (0.2%) and last month (0.1%) = good news
The market is heading towards the next CME gap after data shows a 98% chance the FED will keep interest rates unchanged in July.
The CPI news is really bad.
US CPI RESULTS
Result: 2.7%
Forecast: 2.6%
Previous: 2.4%
Although inflation remains high, Core CPI has decreased! This could influence the FED's decision to maintain the current interest rates.