Briefly talk about August

In addition to the recent weak regulation and framework development of cryptocurrencies by the SEC, there are three major positive factors within the crypto market:

1. Large unlocks have decreased by 52%, alleviating the inertia of selling pressure.

2. Expansion of stablecoin supply, with USDT and USDC on-chain issuance continuing to surge.

3. $ETH spot ETF staking second application window.

Additionally, after experiencing a net outflow of funds on July 22, the ETF returned to significant capital inflow on the 25th, while the overall daily trading volume in the crypto market began to rebound, with marginal buying showing signs of returning ahead of macroeconomic developments.

The risks have basically been discussed to exhaustion, with the FOMC meeting in early August and the countdown to Trump's tariffs primarily revolving around inflation and tariffs. Unless a black swan event occurs, the emotional impact is likely to be minimal.

The altcoin market is basically the biggest loser; it remains to be seen whether August can break the curse. With 2025 halfway through, depth is still concentrated on $BTC and a few mainstream chains, while altcoins remain below their 2021 highs, with no sustained incremental funds.