According to TechFlow, on August 11, researchers from Uniswap Labs, Copenhagen Business School and Circle released the paper "Research on Factors Driving Crypto Asset Prices".

The study used the structural vector autoregression model to analyze the factors affecting cryptocurrency returns and found that crypto asset prices are mainly affected by conventional risks and monetary policy. In particular, when the market fell in 2022, tight monetary policy had a major impact. Since 2023, the compression of crypto risk premiums has become the main driver of cryptocurrency returns, regardless of the active stock market background.