On August 6, the U.S. Commodity Futures Trading Commission (CFTC) said on August 5 that it is considering allowing registered futures exchanges to conduct spot cryptocurrency trading and inviting market participants to provide opinions. Caroline Pham, acting chairman of the CFTC, pointed out that the move is aimed at improving regulatory clarity, is a response to the report of the Trump administration's Digital Asset Markets Working Group, and is also part of the "Crypto Project" plan promoted by the SEC. The U.S. Treasury Department announced that it will auction $100 billion in four-cycle treasury bills, a record high. The Financial Borrowing Advisory Committee pointed out that as stablecoin issuers are required to support crypto tokens with assets such as treasury bonds, stablecoins have become an emerging source of demand for treasury bonds. On-chain data shows that Bitcoin is supported at a key position of US$112,000, and its short-term rebound target may reach US$124,000. Currently, US$117,000 - 118,000 is the main resistance range, and if it cannot be broken through, it will retreat to US$112,000. Demand for Ethereum reached 3 million units in July, mainly from ETF products and institutional positions. BlackRock accounted for 78% of ETF inflows, while BitMNR and SharpLink Gaming accounted for 41% and 16% of institutional inflows respectively. Trading sentiment in the options market is divided, with traders focusing on ETH's key price ranges of $3582 and $4000. 4E reminds investors that current regulatory and macro policies change frequently. It is recommended that investors pay close attention to policy dynamics, do a good job in risk prevention and control, rationally allocate assets, and maintain the ability to flexibly respond to market fluctuations.