After a bruising stretch around the July 29 Fed decision, crypto opens August on the back foot. Bitcoin was trading near $62,800 early on August 1, down about 3% on the day, with the total crypto market capitalization around $2.25 trillion and the Fear & Greed Index still parked in fear, according to CoinMarketCap and CoinGecko data. That caps a month in which Bitcoin actually rose roughly 10%, a rebound that repaired sentiment more than it repaired the chart.
This week hands the market its first big tests of August: the Senate’s final push on crypto’s marquee bill before recess, the July jobs report, and a wave of earnings led by stablecoin issuer Circle. Here is what matters.
1. The CLARITY Act’s Final Stand Before Recess
With the Senate’s August recess set to begin around August 7–8, this is the last full window for the Digital Asset Market CLARITY Act to gain floor momentum. The bill would split US oversight of digital assets between the SEC and CFTC. The sticking point remains the ethics provision on conflicts tied to President Trump’s crypto businesses.
A bipartisan Tillis-Gallego compromise (allowing state attorneys general to enforce a ban on federal officials issuing or sponsoring tokens) is under White House review. The bill still lacks the 60 votes needed to overcome a filibuster. Watch for any White House response and whether Majority Leader Thune schedules a cloture vote. If it slips past recess, US crypto remains governed by discretion rather than statute into an autumn crowded by midterms.
2. The July Jobs Report & Macro Data
Friday, August 7 brings the July US non-farm payrolls report at ~8:30 a.m. ET, the week’s broadest macro catalyst, alongside unemployment and average hourly earnings. It is the first major labor read since the Fed held rates at 3.50–3.75% on July 29 (9–3 vote, three dissenting for a hike).
A hot print would reinforce higher-for-longer and pressure risk assets including crypto; a soft print would revive September cut hopes. The week opens with the ISM Manufacturing PMI for July on Monday, August 3.
3. Circle Earnings
Wednesday, August 5: Circle (NYSE: CRCL), issuer of USDC, reports Q2 results with a live webcast at 8 a.m. ET. Consensus points to revenue around $700–720 million and EPS near $0.17. Most revenue comes from reserve income on short-term Treasuries backing USDC, making the print sensitive to the same rate picture driving the macro story. Watch USDC circulation growth, reserve income, and positioning after the GENIUS Act and its federal trust bank approval.
4. American Bitcoin (ABTC) Earnings
Monday, August 3: American Bitcoin (ABTC), the Trump-family-linked Bitcoin miner, reports Q2 results before the open with a conference call. The print will be watched for both mining economics and its political associations.
5. Hut 8 Earnings
Tuesday, August 4: Bitcoin miner Hut 8 reports Q2 results (call expected). The report offers a read on post-halving margins and the sector’s growing pivot toward AI and high-performance computing.
6. SpaceX Earnings & Share Unlock
Tuesday, August 4: SpaceX reports Q2 results. An early employee-share unlock begins around Thursday, August 6 (first tranche up to ~8%, with more possible under certain conditions). SpaceX is not a crypto company, but tokenized versions of its shares have become a flagship of the real-world-asset narrative, so both the results and the unlock can ripple into that segment of the market.
7. A Heavy Unlock Slate, Led by PROVE
Wednesday, August 5 is the densest day:
- Succinct (PROVE) unlocks 208 million tokens ($34–35 million, ~104% of then-circulating supply) — one of the largest relative unlocks of the year and the single event most worth watching.
- Ethena (ENA) unlocks 172 million tokens ($13–15 million).
- Hyperliquid (HYPE) unlocks 433,000 tokens ($22–23 million).
Monday, August 3: SUI begins multiple vesting tranches (community, early contributors, team/Mysten Labs) totaling tens of millions of dollars as part of ongoing linear vesting.
Around August 8: STABLE unlocks 888–889 million tokens ($30 million range).
August 9: Movement (MOVE) unlocks 177 million tokens ($1.3 million).
Unlock values fluctuate with price and exact timing; a release above 100% of circulating supply (PROVE) can move a token sharply.
8. Protocol Upgrades, Migrations & Delistings
- Monday, August 3: LayerZero deprecates v1 (ULNv2) relayers (teams that have not migrated risk message-delivery issues); Upbit delists AQT and AERGO; Ctrl Wallet and Zapper cease operations (users should move assets/data).
- Tuesday, August 4: Zircuit migrates its mainnet to Conduit; Binance ends support for the Sophon (SOPH) mainnet (affecting deposits, withdrawals and liquidity).
- Thursday, August 6: MultiversX (EGLD) ships mainnet upgrade v1.11.10.0 with virtual-machine improvements (validators and node operators must update ahead of the activation epoch).
- Around Friday, August 7: Possible XRP Ledger (xrpld) 3.3.0 release carrying amendments including confidential-transaction features (exact timing flexible; watch validator adoption).
9. Cardano’s ETF-Eligibility Milestone
Saturday, August 9: CME Group’s Cardano (ADA) futures complete the six-month regulated-trading period required under the SEC’s generic listing standards (CME launched ADA futures on February 9, 2026). This is the earliest the condition can be met, opening a streamlined path for a spot ADA ETF without a separate rule-change filing.
Grayscale’s proposed Cardano ETF is already under SEC review, with a decision window potentially running to around October 23, 2026. The milestone makes an ETF possible, not certain; timelines can slip and ADA’s commodity status has not been formally resolved.
The Bottom Line
This is a front-loaded, event-dense week. The two broadest catalysts (jobs report and CLARITY recess deadline) land on the same day, layered on top of Circle, ABTC, Hut 8, and SpaceX earnings, a SpaceX share unlock, major unlocks led by PROVE, multiple protocol changes, and Cardano’s ETF milestone. Bitcoin enters near $63,000–$63,500 and in fear, still trading largely on the higher-for-longer regime.
The setup is finely balanced and unusually binary. A hot jobs number or stalled CLARITY vote would reinforce caution; a soft print, legislative breakthrough or strong Circle report could provide a tailwind. Individual tokens face their own supply tests, PROVE most acutely, regardless of the macro direction. Thin summer liquidity can amplify moves in both directions, so position sizing and risk management matter more than usual. Markets often front-run these events before they arrive.
Also Read: Bitcoin ETFs See Weekly Outflows as Ethereum Funds Extend Winning Streak
