PANews reported on August 11 that Uniswap Labs published a paper on the X platform titled "A Study on the Drivers of Crypto Asset Prices" jointly written by researchers from Copenhagen Business School and Circle, which pointed out that crypto asset prices are significantly affected by conventional risk and monetary policy factors. It is worth noting that in the crypto market decline in 2022, factors of tight monetary policy accounted for more than two-thirds. In contrast, the compression of crypto risk premiums since 2023 has been the main driver of cryptocurrency returns, regardless of the active stock market background.