4E: CFTC plans to release spot crypto trading on futures exchanges, causing demand for ETH to surge

On August 6th, the US Commodity Futures Trading Commission (CFTC) said on August 5th that it is considering allowing registered futures exchanges to carry out spot cryptocurrency trading, and invited market participants to provide comments. Caroline Pham, acting chairperson of the CFTC, pointed out that the move is aimed at improving regulatory clarity, is in 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 US Treasury announced that it will auction $100 billion four-cycle treasury securities at an all-time high. The Fiscal Borrowing Advisory Committee pointed out that stablecoins have become an emerging source of demand for treasury securities as issuers are required to back crypto tokens with assets such as Treasury bonds.
The on-chain data shows that Bitcoin has found support at the key level of $112,000, and the short-term rebound target may reach $124,000. At present, $117,000 - $118,000 is the main resistance range. If it cannot break through, it may retrace to $112,000.
Demand for Ethereum reached 3 million 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 divergent, with traders focusing on key ETH price ranges of $3,582 and $4,000.
4E reminds investors that current regulatory and macro policies change frequently, and it is recommended that investors pay close attention to policy trends, do a good job in risk prevention and control, allocate assets rationally, and maintain the ability to respond flexibly to market fluctuations.