At the beginning of August, the Crypto Assets market remains volatile, but not all news is negative. Recently, the SEC signaled a "relaxation of crypto regulation + establishment of a clear framework," bringing a tone of policy expectation easing to the entire market.

From the perspective of the internal crypto market, there are three positive factors worth our attention:

First of all, the large-scale unlocking has decreased by 52%, which means that the selling pressure in the market will be significantly reduced.

Secondly, the supply of USDT and USDC on the chain has increased simultaneously, indicating that the stablecoin market is becoming active again.

Thirdly, after the Ethereum (ETH) spot ETF enters the staking mode, it is迎来第二轮申报窗口, which may again attract market attention.

It is worth noting that after a brief net outflow of Crypto Assets ETFs on July 22, they began to attract funds again on the 25th. The daily trading volume of Crypto Assets across the network has also started to rebound, with marginal buying gradually tentatively returning.

However, the market still faces some risk factors: the Federal Open Market Committee (FOMC) meeting in early August, the deadline for Trump's tariff policies, etc. These factors mainly revolve around inflation and policy expectations. However, unless a black swan event occurs, the impact of these factors in the short term may be limited.

Currently, the main focus of the market is still on mainstream Crypto Assets. Bitcoin (BTC) continues to dominate in absolute depth, while Ethereum has performed well due to the push from ETFs. Other smaller Crypto Assets (commonly known as "altcoins") are still hovering at low levels, far from recovering to the prosperous state of 2021, mainly due to a lack of sustained incremental funding.

Whether August can break the downturn of small crypto assets remains to be seen. But at least for now, the market is gradually warming up, and investors should pay more attention to market direction rather than short-term emotional fluctuations.