币界网报道：According to the Coinbase research report, the crypto market has a positive outlook for the second half of 2025, mainly benefiting from better-than-expected economic growth, corporate adoption of cryptocurrencies, and a clearer regulatory environment. The report points out that the risk of a recession in the United States has weakened, showing signs of stronger economic growth. About 228 listed companies hold a total of 820,000 BTC worldwide, and the use of cryptocurrencies in corporate treasuries has become an important source of demand. Although there are potential systemic risks, they are controllable in the short term. In terms of regulation, the United States has made progress in stablecoin legislation. The STABLE Act and the GENIUS Act are being promoted, and it is expected that a unified bill may be reached as early as before the congressional recess on August 4. At the same time, the U.S. Securities and Exchange Commission is reviewing about 80 cryptocurrency ETF applications, including physical creation/redemption, pledge functions, index funds, and single-token ETFs. The report believes that despite risks such as the steepening of the U.S. Treasury yield curve, the upward trend of BTC is expected to continue, while the prospects of altcoins may be more dependent on their specific factors.