Here are the key points of the encryption market on August 5, 2025, integrating policy trends, market performance, technical indicators, and risk events to help you quickly grasp today's context:

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### 📈 **1. Market Trends**
1. **The bull market continues**
- **Bitcoin (BTC)**: Slightly up 0.93%, priced at $115,353, with short-term resistance at $116,000 (needs to break through the EMA moving average cluster and descending trend line resistance).
- **Ethereum (ETH)**: Soared 6.56% to $3,728, driven by increased holdings from whales and technical recovery (4-hour MACD green bars shrinking, golden cross imminent).
- **Other cryptocurrencies**: Solana (SOL) and Avalanche (AVAX) increased by 4.18% and 7.85% respectively; MemeCore (M) leads with a daily increase of 31.02%.

2. **New Coins and Fund Movements**
- **Newly Launched Assets**: MANYU ($0.012), FIST ($73.08), GIDR ($92.25) and others have landed on CoinMarketCap, reflecting market expansion.
- **Whales Accumulate**: Institutions continue to buy ETH, SOL, etc., driving price rebounds.

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### 🏛️ **2. Policy and Regulatory Breakthroughs**
1. **New Accounting Regulations for Stablecoins in the United States**
- SEC Temporary Guidance: Eligible stablecoins (dollar-pegged and redeemable) may be considered as "cash equivalents," lowering the entry barrier for traditional financial institutions.

2. **Promotion of Legalization of Spot Trading**
- The CFTC announced the allowance for registered futures exchanges to list spot encryption contracts, collaborating with the SEC to promote instant trading, aiming to establish a "global encryption center."

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### 🌐 **3. Macroeconomic and Industry Events**
1. **Expectations for Federal Reserve Interest Rate Cuts Heat Up**
- The probability of a rate cut in September reaches 94.4% (25 basis points), boosting market liquidity expectations and risk asset preferences.

2. **Technology products densely implemented**
- **Solana Seeker Mobile**: Available for sale starting August 4th, integrating Web3 features, which may enhance the appeal of the SOL ecosystem.
- **Coinbase integrates Base DEX**: Layer 2 decentralized exchange connects to mobile, enhancing retail trading convenience.

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### ⚠️ **4. Risk and Volatility Warning**
1. **Key Levels in Technical Analysis**
- **If BTC falls below $112,500**: It may drop to $110,000 or even $104,500 (bull market support zone).
- **ETH needs to hold steady at $3,627**: Otherwise, the pullback pressure will increase.

2. **Token Unlocking Wave Impact**
- **Today Unlocking Projects**: XION ($1.76 million), Gravity ($4.39 million), Ethena ($98.52 million), among which the unlocking amount of Ethena accounts for 2.7% of the circulating market value, indicating significant potential selling pressure.
- **High Proportion Warning**: On August 6th, the unlock volume of Heroes of Mavia accounted for 20.34% of the market value, caution is advised due to potential price fluctuations.

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### 💎 **5. Summary of Today's Highlights**
| **Direction** | **Core Events** | **Potential Impact** |
|----------------|------------------------------|--------------------------------|
| **Bullish Drivers** | Fed rate cut expectations + institutional increases | Market liquidity improves, ETH and SOL lead the rise |
| **Policy Breakthrough** | SEC Stablecoin New Regulations + CFTC Spot Legalization | Lower compliance thresholds, attract traditional funds |
| **Technical Resistance** | BTC faces a key resistance area at $116,000 | A breakout would open up the range of $118k-$121.8k |
| **Short-term Risks** | Token concentration unlocking + Geopolitical policy disruptions | Some Altcoins may face selling pressure |

**Operation Tips**: Pay attention to BTC's breakthrough momentum at $116,000. If ETH forms a golden cross on the 4-hour chart, it can be a good opportunity to position accordingly; be cautious of selling pressure from unlocking projects like Ethena. Policy benefits may continue to develop, but strategies need to be adjusted based on the evening's US ISM data.