According to online reports, Coinbase recently released a research report looking forward to the three major themes of the crypto market in the second half of the year: 1. Improved macro prospects: the risk of recession in the United States has been significantly reduced, and the overall growth momentum has been enhanced; 2. Enterprises have adopted crypto as an asset allocation tool: Although it may be long-term It may bring systemic risks, but it will create a strong demand side in the short term; 3. The regulatory path is becoming increasingly clear: especially the progress of legislation on stablecoins and crypto market structure will profoundly affect the development of the crypto ecosystem. The report said that despite the risks, Bitcoin is expected to maintain its upward trend. The performance of altcoins may depend more on individual factors. For example, the SEC is reviewing multiple ETF applications involving "physical purchases and redemptions", pledges, pooled funds and single altcoin ETFs, all of which are expected to make rulings before the end of 2025. These decisions may reshape the market structure.