In recent times, the global cryptocurrency market has seen wide-ranging volatility, with intensified competition between bulls and bears, and the overall market capitalization has suffered a period of shrinkage. Entering June, driven by the return of funds to the U.S. stock market and the strengthening of the U.S. dollar index, mainstream crypto assets have pulled back across the board. Bitcoin repeatedly broke through key price levels, with the maximum short-term decline exceeding 7%. Ethereum moved downward in tandem as well, and mid- and small-cap “small altcoin” tokens generally fell by more than 15%. According to platform data, in the past 24 hours, more than 300,000 accounts across the entire network were forced into liquidation, and the cumulative liquidation amount exceeded $2 billion, with long positions becoming the main force behind the liquidations. In the late part of last month, the market received a brief boost from favorable news related to the rollout of U.S. derivatives compliance, causing a short-lived surge. For some popular coins, their gains exceeded 10% in a single day. After the positive news was digested, the market quickly reversed.