After the release of the US core PCE price index data in July, the market further focused on key inflation reports and employment data to obtain clues about the Fed's interest rate hike later this year. The data shows that the July PCE price index increased by 3.3% year-on-year and by 0.2% month-on-month, in line with expectations and previous values. The core PCE price index, excluding food and energy, increased slightly from 4.1% in June to 4.2% year-on-year, in line with market expectations.

This upward trend may raise concerns about inflation. At last week's Jackson Hole global central bank meeting, Fed Chairman Powell mentioned that although inflation has fallen from its peak, it remains too high, and the Fed is prepared to raise interest rates at the appropriate time, but also emphasized that the Fed will make decisions more cautiously based on economic data.

Currently, both the year-on-year and month-on-month PCE price indices in the US have increased in July, and service sector inflation remains at a high level, indicating that the Fed is struggling to lower inflation.

Next, the market will closely monitor the upcoming August non-farm employment data and the CPI data on September 13th. Economists expect that non-farm payrolls will increase by 168,000 in August, and the unemployment rate will remain at 3.5%.

In addition, the SEC has delayed the approval of spot ETFs for companies such as BlackRock, and the price of Bitcoin has also experienced significant fluctuations. It is expected that Bitcoin will continue to experience adjustments, with short-term focus on the support range of $25,000-$25,300. Although there may be some rebound, do not have too high expectations for the rebound. Personally, I believe that there will still be resistance and a pullback in the range of $26,800-$27,200. Therefore, short-term operations should focus more on short positions than long positions, and continue to be bearish in the medium term.

Investment-worthy Projects

At the same time, as cryptocurrencies mature and institutional interest in cryptocurrencies increases, investment-worthy projects are also receiving attention. In this regard, protocols with high income, large market demand, and good profitability may outperform the overall market over a longer period.

MakerDAO is a project worth paying attention to, with annual revenue reaching $166.2 million and MKR's fully diluted valuation at $1.05 billion. Maker makes money by charging fees from collateral supporting DAI, with 55% of the revenue coming from RWA collateral and the rest from on-chain collateral such as stETH, ETH, and wBTC. Maker currently uses most of its revenue for the DAI Savings Rate (DSR) treasury to increase DAI supply.

GMX is another project worth paying attention to, with annual revenue of $39.4 million and a valuation of $507 million. GMX generates revenue by paying fees to investors. Recently, GMX's market share has been challenged by many competitors such as Synthetix, Level, and Vertex, which have better features than GMX V1. However, the recently launched V2 version of GMX has undergone several upgrades, including lower fees and more assets.

Arbitrum is the second largest revenue-generating blockchain after Ethereum, and plays an important role in liquidity and the dapp being built. From a technical perspective, Arbitrum excels in decentralization and the recently announced Arbitrum Bold further supports permissionless state verification.

As the cryptocurrency market develops, investors should pay attention to projects with stable income, large market demand, and the ability to sustain profitability. Although there may be risks in the overall market, after choosing the right projects and conducting sufficient research, investors may achieve good returns.

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