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### **Key Influencing Factors**
#### **1. Macro Level**
- **Federal Reserve Policy**: Market expectations for a rate cut in September have cooled, the US Dollar Index (DXY) has strengthened, suppressing risk assets (including cryptocurrencies).
- **Geopolitical Risks**: The tense situation in the Middle East may divert funds from the cryptocurrency market if risk aversion intensifies.
#### **2. Internal Industry**
- **Ethereum ETF Progress**: The SEC has approved the 19b-4 filing for the spot Ethereum ETF, but the effectiveness of the S-1 registration statement needs to wait (expected to be w