In July, the cryptocurrency market entered a low season, with trading volumes dropping to a 9-month low and volatility hitting a 21-month low. The market remains in a wait-and-see state, despite an increase in leveraged trading of altcoins. Trump's three policies may bring volatility.

Large and Beautiful Budget: Signed on July 1, increasing the deficit by $3.3 trillion, which is beneficial for scarce assets like Bitcoin, but may be offset by tariff uncertainties.

Tariff Issues: The tariff exemption period ended on July 9, and new tariffs may suppress market sentiment, which is unfavorable for Bitcoin.

Cryptocurrency Executive Order: July 22 is the deadline for the cryptocurrency policy report, involving the U.S. digital asset reserve and strategic Bitcoin reserve (SBR), but specific details are unclear, which may trigger market speculation.