According to online reports, Vincent Liu, chief investment officer of Kronos Research, said that amid macro uncertainty and institutional buying, the current market is showing "cautious optimism". The fear and greed index is moving towards "greedy", and expectations of whale buying and interest rate cuts are pushing traders to reallocate risky assets. Investors are focusing on the U.S. July CPI data to be released on August 12 as a key indicator for the next round of decision to raise or cut interest rates. Although the Federal Reserve left interest rates unchanged at the July FOMC meeting, Powell said that the September interest rate cut still depends on economic data, but CME Fed observation data shows that the market expects a 0.25 percentage point cut of more than 80%. In addition, Liu believes that the "Project Crypto" launched by the US SEC may benefit the market in the medium to long term. The project will reduce regulatory uncertainty, promote DeFi growth, and enhance market confidence by clarifying token classification and introducing a DeFi innovation exemption mechanism.