US July Wholesale Sales Rise 0.8% MoM, Prior Was -3%

A single monthly rebound after a sharp downward revision is a noisy signal, not a trend, and the release offers no detail on inventories, sector mix or whether the prior decline was demand-driven or a data artifact. For crypto and RWA markets, the read-through runs mainly through the broader risk backdrop: wholesale activity feeds into the growth expectations that shape appetite for tokenized real-world assets and other macro-sensitive exposure. Whether the July gain holds or merely offsets the earlier contraction is the open question.