Here’s a preview of the key developments and market-moving events scheduled for the week beginning July 27.

Monetary policy decisions are expected to remain a major focus for crypto investors, with the Federal Reserve, Bank of England, and Bank of Japan all projected to leave interest rates unchanged. However, markets will be watching closely for any indication that rising energy costs could lead central banks to maintain tighter financial conditions for longer.

CME FedWatch data shows a 33% probability of a U.S. interest rate increase, while prediction markets estimate the chances at 19%, rising from almost zero earlier this month. Gregory Daco, chief economist at EY-Parthenon, said September could become the first major point when investors evaluate whether the Federal Reserve’s current approach needs to change, according to CBS News.

The week’s biggest economic tests arrive Thursday, with the release of U.S. second-quarter GDP and June PCE inflation data. Strong economic growth alongside elevated inflation could reinforce expectations that interest rates will stay higher for an extended period, potentially putting pressure on crypto markets through increased bond yields and a stronger dollar. Weaker-than-expected figures could reduce those concerns and support risk assets.

A Reuters survey found that all 70 economists expect the Bank of England to keep rates steady at 3.75%. The Bank of Japan is also forecast to maintain its policy rate at 1%, although markets anticipate another potential increase later this year.

Crypto markets will also have several sector-specific developments to monitor, including BitMEX’s early settlement of 35 derivatives contracts and the start of FTX’s approximately $900 million creditor repayment process. Earnings reports from Robinhood, Coinbase, and Strategy will provide further insight into retail participation and the performance of digital asset treasury companies.

Key Events to Watch

Crypto Events

July 27: The CFTC’s public comment period on expanding listed derivatives trading to a 24/7 model and allowing perpetual contracts for physically delivered or storable commodities concludes.

July 29: Polygon is scheduled to complete its Ithaca hard fork upgrade on the mainnet.

July 30: BitMEX will settle and delist 35 derivatives contracts as part of its ongoing shutdown process.

July 31: FTX Recovery Trust will begin its fifth round of creditor distributions.

Macro Events

July 27, 8:30 a.m. ET: U.S. June Durable Goods Orders month-over-month data release (previous: -4.5%).

July 28, 9:30 p.m. ET: Australia’s June CPI report and RBA Trimmed Mean CPI figures.

July 29, 2:00 p.m. ET: Federal Reserve interest rate decision, with expectations set at 3.75%.

July 29, 2:30 p.m. ET: Federal Reserve press conference covering monetary policy, economic outlook, and future rate expectations.

July 30, 5:00 a.m. ET: Eurozone second-quarter GDP flash estimate.

July 30, 7:00 a.m. ET: Bank of England interest rate decision, with forecasts pointing to 3.75%.

July 30, 8:30 a.m. ET: U.S. second-quarter GDP advance estimate and weekly initial jobless claims.

July 30, 8:30 a.m. ET: June PCE inflation report, including headline and core inflation readings.

July 30, 9:30 p.m. ET: China’s July manufacturing and non-manufacturing PMI data.

July 30, 11:00 p.m. ET: Bank of Japan interest rate decision, expected at 1%.

July 31, 5:00 a.m. ET: Eurozone July CPI flash estimate, including core inflation data.

Corporate Earnings

July 28: PayPal Holdings (PYPL) reports earnings before market open.

July 29: Robinhood Markets (HOOD), Riot Platforms (RIOT), and SoFi Technologies (SOFI) release quarterly results.

July 30: Mastercard (MA), Coinbase Global (COIN), and Strategy (MSTR) announce earnings.

July 31: Cboe Global Markets (CBOE) and Trump Media & Technology Group (DJT) report financial results.

Token Governance and Network Developments

Decentraland DAO is voting on a proposal to lower Wearables and Emotes submission fees to $25 while introducing annual governance reviews and 30-day update requirements for governance documents. Voting concludes on July 28 and July 30.

Cardano’s community is voting on several treasury funding proposals, including 9.83 million ADA for Blockfrost API services, 1.78 million ADA for the Daedalus wallet, and 4.96 million ADA for an enterprise ticketing platform. Voting ends July 28.

Optimism is holding veto votes on two maintenance proposals involving Ink Mainnet’s sequencer configuration and transferring Swell’s administrative ownership to AltLayer during its wind-down process. The proposals will automatically pass unless vetoed by July 28.

Token Unlocks

July 28: Grass (GRASS) will unlock 5.7% of its circulating supply, valued at approximately $11.9 million.

July 29: Hyperliquid (HYPE) will unlock 2.8% of its circulating supply, worth around $817 million.

July 29: Bitget Token (BGB) will unlock 0.7% of its circulating supply, valued at approximately $21.5 million.

Token Launches

No major token launches are scheduled for the week.