Recently, the global cryptocurrency market has experienced wide fluctuations, with increased bullish and bearish battles, and the overall market capitalization has undergone a temporary shrinkage. Entering June, influenced by the return of funds to the U.S. stock market and the strengthening of the U.S. dollar index, mainstream cryptocurrencies have all retraced, with Bitcoin repeatedly losing key levels, with short-term declines exceeding 7%. Ethereum has followed suit and declined simultaneously, while small and medium-cap altcoins generally fell more than 15%. According to platform data, over 300k accounts were forced to liquidate in the past 24 hours, with total liquidation amounts surpassing $2 billion, with long positions being the main force of liquidations. In late last month, boosted by positive news of U.S. derivatives compliance implementation, the market briefly surged, with some popular coins rising over 10% in a single day. Short-term speculative sentiment quickly heated up, but after the positive news was digested, the market quickly reversed.