In recent weeks, the global cryptocurrency market has seen wide fluctuations, with intensified battles between bulls and bears, and the overall market capitalization has undergone a phase of contraction. Entering June, driven by the return of funds to the U.S. stock market and the strengthening of the U.S. dollar index, major crypto assets have pulled back across the board. Bitcoin has repeatedly failed to hold key price levels, with the largest short-term drop exceeding 7%. Ethereum has moved downward in tandem, while small- and mid-cap altcoins have generally fallen 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 liquidations, and the cumulative liquidation amount has surpassed $2 billion, with long positions becoming the main force behind the liquidations. In late May, the market was briefly boosted by positive developments from the successful rollout of U.S. derivatives compliance, causing a temporary spike on the charts. For certain popular coins, the single-day gains exceeded 10%. After the positive news was digested, the market quickly reversed.