Although the start of August is not exactly peaceful, it is not all bad news.

The SEC has just released positive signals of "easing cryptocurrency regulation + establishing a clear regulatory framework," setting a more moderate policy expectation tone for the overall market.

From within the cryptocurrency market, three major positives are gradually emerging:

1️⃣ The unlocking of large tokens has decreased by more than 52%, significantly easing the inertia selling pressure;

2️⃣ The on-chain supply of USDT and USDC has rebounded simultaneously, and stablecoins are becoming active again, which means funds are flowing back;

3️⃣ After entering the staking mode, the ETH spot ETF is opening a new round of application windows, and the related narrative is expected to heat up again.

Meanwhile, after a brief net outflow of ETFs on July 22, they resumed attracting funds on July 25, and the daily trading volume across the crypto network has also started to recover, with marginal buying gradually returning.

Of course, the market is not without risks. In early August, there are still macro uncertainties such as the FOMC meeting and the countdown to Trump’s tariffs, but these are known risks, and unless a black swan event occurs, the short-term impact is relatively limited.

Currently, the market focus remains on mainstream assets: BTC still dominates, ETH has shown some recovery under the ETF narrative stimulation, while altcoins are still in a bottom consolidation phase, lacking sustained incremental funds, and have not returned to the "hot money mode" of 2021.

In August, can we break the "altcoin curse"? We will wait and see.

At least for now, the market is slowly warming up, emotions are fluctuating, but the direction is brewing, deserving more patience and attention.