Good morning, everyone. A new week is starting.

Over the past two days of the weekend, the overall market hasn’t changed much. BTC and ETH have mostly continued to range-bound, and the market is clearly in a wait-and-see mode. Everyone is looking to this week’s most important data—the U.S. June CPI.

If CPI comes in below market expectations, it would be favorable for rate-cut expectations, and risk assets will likely see a boost; if the data is higher than expected, it could again weigh on market sentiment. So the CPI data from Tuesday night is probably what truly determines the direction of the market this week.

Besides CPI, there are two other things worth paying attention to this week: first, Federal Reserve Chair Kevin Wosh will testify before Congress, and the market will continue to look for signals about future monetary policy; second, the new earnings season for U.S. stocks officially kicks off, and tech-sector performance will also have some impact on crypto-market sentiment.

On-chain, over the past couple of days, interest in Robinhood Chain has suddenly surged. A lot of capital has started flowing in, on-chain DEX trading volume has quickly expanded, and at one point it even climbed into the top ranks on the whole network. In the short term, market funds still seem to prefer chasing new hotspots, but whether this theme can sustain remains to be seen. It’s not advisable to blindly chase highs.