The cryptocurrency market correction in 2023 was mainly influenced by multiple factors: 1) Increasing macroeconomic uncertainty, resilient U.S. inflation, and tariff policies of the Trump administration pushed up supply chain costs, leading to a sell-off of risk assets, with the cryptocurrency market becoming more correlated with U.S. stocks; 2) Technological changes in the AI field (such as breakthroughs in DeepSeek algorithms) impacted tech stocks, indirectly dragging down sentiment in the cryptocurrency market; 3) Self-liquidation after excessive market leverage, combined with a diminishing marginal effect of Bitcoin ETF fund inflows, led to the withdrawal of short-term speculative funds; 4) The bursting of speculative asset bubbles, such as Meme coins, exacerbated market volatility. Although the long-term allocation demand from institutions (such as MicroStrategy increasing its holdings) supports Bitcoin's resilience, short-term caution is required regarding policy and liquidity risks.