Gate Daily: Bitcoin drops then pumps to 118,000; White House BTC reserve report disappointing; The Federal Reserve interest rate unchanged drops September rate cut prospects.

The price of Bitcoin (BTC) has fluctuated dramatically, currently reported at around $118,310 today (30), after dropping to a low of $115,796 last night. The Federal Reserve (FED) has maintained the interest rate unchanged at 4.25%-4.50%, and Chairman Powell has lowered the possibility of a rate cut in September. The White House has released a digital asset report, with no substantial updates on the Bitcoin reserve plan.

Today's Outlook

1, Japan's unsecured overnight lending rate, previous value was 0.50%

2. China's July official manufacturing Purchasing Managers' Index, previous value was 49.7

3. Australia Q2 seasonally adjusted retail sales (quarterly), previous value was 0.0%

4. Australia June seasonally adjusted retail sales (monthly rate), previous value was 0.2%

5. The preliminary consumer price index (monthly rate) for France in July is 0.4%, previous value.

6. Germany's seasonally adjusted unemployment rate for July (official) was 6.3%.

7. Eurozone unemployment rate for June, previous value was 6.3%

8. Canada May GDP (month-on-month), previous value was -0.1%.

9, U.S. June personal consumption expenditures (month-on-month), previous value was -0.1%

10. The U.S. Personal Consumption Expenditures Price Index for June (monthly), previous value was 0.1%.

11, the number of initial jobless claims in the United States last week (seasonally adjusted, in thousands) (as of 0726), was 217.

12. U.S. personal consumption expenditures for June (in billion USD), previous value was 1345

13. U.S. June personal income (monthly rate), previous value was -0.4%

14, The Governor of the Bank of Japan, Kazuo Ueda, held a monetary policy press conference.

15. The Bank of Japan announced its Interest Rate decision and Economic Outlook report.

Macroeconomic Events & Crypto Trends

1. President Donald Trump's administration released the most detailed digital asset policy report on Wednesday, outlining a broad regulatory roadmap for cryptocurrencies, but did not provide new insights into the government's proposed strategic Bitcoin (BTC) reserves. This 163-page document was drafted by the President's Working Group on Financial Markets, reinforcing the government's stance on stablecoin regulation, tax reform, and federal market oversight. While the report affirms the commitment to digital innovation, it does not propose new initiatives or expand on earlier announcements, including the high-profile plan to establish federal reserves of Bitcoin and other digital assets. This reserve proposal was initially put forward through an executive order in January but was only casually mentioned in the final part of the report. Senior government officials stated that related work is ongoing but provided no timeline or further details. Trump's advisor Bo Hines previously stated that although the government intends to increase its holdings of Bitcoin, it may choose not to publicly release the development report of the reserve. The lack of specific details in the reserve plan has heightened uncertainty in the cryptocurrency industry, which had hoped to see a clearer blueprint. Earlier this year, the project garnered attention when officials stated that it would partially rely on assets seized through law enforcement actions.

2. The Federal Reserve (FED) will maintain the benchmark interest rate at 4.25%-4.50%, in line with market expectations, marking the fifth consecutive meeting without action. It is reported that this decision faced opposition from two board members appointed by Trump—Waller and Bowman—both of whom believe that the current monetary policy is too tight. This is the first time in over 30 years that two board members have cast dissenting votes on a decision. The FOMC voted 9 to 2 to keep the benchmark overnight rate within the 4.25%-4.50% range, marking the fifth consecutive meeting without action. The Federal Reserve (FED) stated in its announcement: "The unemployment rate remains low, and the labor market conditions are still robust. Inflation remains slightly elevated." The statement also noted that economic growth "slowed somewhat" in the first half of the year, which may strengthen the case for the Fed to lower rates at a future meeting if this trend continues. However, the statement emphasized that "uncertainty regarding the economic outlook remains high" and noted that both inflation and employment targets face risks. This wording reflects the Fed's reluctance to cut rates prematurely while the paths for inflation and employment remain unclear.

3. The Chicago Board Options Exchange (CBOE) has submitted a rule change request to the U.S. Securities and Exchange Commission (SEC) to allow cryptocurrency fund issuers to list products under a unified framework, potentially eliminating the need for individual approval for each new fund. ETF analyst Nate Geraci highlighted the document, noting that the proposed rule change could simplify the approval process for cryptocurrency exchange-traded funds (ETFs). "If the rule change is passed, issuers won't have to apply for specific approval for each crypto ETF as long as they meet certain standards," Geraci stated. He mentioned that the New York Stock Exchange Arca has also submitted a similar document.

Market Trend

1, $BTC experienced a significant fluctuation rebound, currently reported at around 118,310 USD, with 71.69 million USD liquidated in the past 24 hours, mainly from long positions;

2. The S&P 500 index of the U.S. stock market fell on Wednesday (30th) in the afternoon, retreating from earlier highs, and closed slightly down. U.S. Treasury yields also surged in the afternoon, causing prices to drop sharply, as Federal Reserve Chairman Powell downplayed expectations for a rate cut in September, disappointing Wall Street. The Dow Jones Industrial Average closed down 171.71 points, a decrease of 0.38%, at 44,461.28 points; the S&P 500 index fell 7.96 points, a decrease of 0.12%, at 6,362.90 points; the Nasdaq index rose 31.38 points, an increase of 0.15%, at 21,129.67 points. The Philadelphia Semiconductor Index rose 47.53 points, an increase of 0.83%, at 5,787.32 points.

3. In the Gate BTC/USDT liquidation map, based on the current 117,736.90 USDT, if it falls to around 115,636 USD, the total liquidation amount of long positions exceeds 164 million USD; if it rises to around 118,900 USD, the total liquidation amount of short positions exceeds 209 million USD. The liquidation amount for the shorts is significantly lower than that for the longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Gate)

4. In the past 24 hours, BTC spot inflow was 2.14 billion USD, outflow was 2.29 billion USD, with a net outflow of 150 million USD.

(Source: Coinglass)

5. In the past 24 hours, the net outflow of contracts such as $BTC, $ETH, $SOL, $XRP, and $USDC has been leading, indicating trading opportunities.

(Source: Coinglass)

News Updates

1. A giant whale address has once again received nearly 32,900 ETH from FalconX, with a total holding amount exceeding 430 million dollars.

2. Cboe BZX and NYSE Arca proposed to the SEC to simplify the listing review process for cryptocurrency ETFs.

3. The widow of famous American country singer George Jones falls victim to an XRP scam, losing as much as 17 million dollars.

4. Trump announces trade agreement with South Korea: 15% tariff + providing $350 billion investment

5. Invesco Galaxy submits a listing application for the Solana spot ETF to Cboe.

6. Robinhood's Q2 2025 cryptocurrency revenue is $160 million, while the market expects $162.1 million.

7. The Federal Reserve (FED) has maintained the interest rate steady for the fifth consecutive time, remaining at 4.25%-4.50%.

8. The White House released a digital asset report, with no substantial updates on the Bitcoin reserve plan.

9. The @crypto account on Telegram received a $25 million acquisition offer, with the price soaring 70 times in two years.

10. Polygon Labs: The blockchain explorer is updating data, and the chain itself is not down.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today's task is a bit difficult to write. It's not that the Federal Reserve's interest rate meeting will lead to a bearish outlook all the way; in fact, the risk market has experienced a fall under Powell's hawkish remarks. However, the rebound has come very quickly, as the US stock market has turned from a decline to an increase before the market opens, and similarly, $BTC has returned to above $117,200. This situation is what I have repeatedly emphasized in today's weekly report; currently, the market's speculation is not about Powell's remarks but rather Trump's influence on Powell, and whether Trump will propose a new Federal Reserve chair to oppose Powell. This interest rate meeting might just be Trump's last chance for Powell. Powell has not responded to Trump's proposal. After Powell's speech, the market's expectation of a rate cut in September is already below 50%, while the probability of not cutting rates is 55%. This is very likely to accelerate Trump's actions regarding his successor, and the market is looking forward to Trump's statement, but Trump has not yet made a positive response. However, the price rebound can be seen as the market's reaction to dissatisfaction with Trump."

"Looking back at Bitcoin's data, the turnover rate has decreased compared to yesterday. Although there were some sell-offs due to Powell's appearance, it's still too early for market panic. As we discussed earlier, the current logic of BTC is not about rising purchasing power, but rather a decrease in sell-offs. However, the overall market sentiment is still good and has not affected the essence of BTC. The supporting data is also very healthy; as long as there is no systemic risk, the stability of BTC's price remains decent. However, the accumulation of chips at $117,000 has been increasing, now exceeding 730,000 coins. If it continues to accumulate, especially surpassing 1 million coins, the risk will increase, and this risk pertains to investors' choices regarding direction."