The impact of the China-US trade negotiations on the cryptocurrency market shows multiple facets:

1. Short-term volatility: If the negotiations ease (such as a tariff suspension agreement in May 2025), market risk appetite may recover, and funds may flow from cryptocurrencies to traditional assets, leading to a correction in BTC and others; however, if the details of the agreement fall short of expectations (such as vague progress in negotiations on June 9), the crypto market will still be under pressure.

2. Liquidity expectations: If negotiations reduce the pressure on the Federal Reserve to raise interest rates, a weaker dollar may benefit the liquidity of the crypto market.

3. Safe-haven demand: In the long term, the unresolved structural contradictions between China and the US make the 'digital gold' attribute of crypto assets still attractive.

4. Regulatory linkage: Negotiations may promote coordinated regulation between China and the US, accelerating industry compliance, but in the short term may suppress gray trading.

It is advisable to pay attention to tariff adjustments, Federal Reserve policies, and regulatory dynamics.