The correction in the cryptocurrency market in 2025 was mainly influenced by multiple factors: 1) Increased macroeconomic uncertainty, with resilient U.S. inflation and the Trump administration's tariff policies raising supply chain costs, leading to a sell-off of risk assets and an increased correlation between the cryptocurrency market and U.S. stocks; 2) Technological changes in the AI field (such as breakthroughs in the DeepSeek algorithm) impacting tech stocks, which indirectly dampened sentiment in the cryptocurrency market; 3) Self-liquidation after excessive market leverage, combined with a diminishing marginal effect of capital inflow from Bitcoin ETFs, leading to the withdrawal of short-term speculative funds; 4) The bursting of bubbles in speculative assets like meme coins, exacerbating market volatility. Although institutional long-term allocation demand (such as MicroStrategy's increased holdings) supports Bitcoin's resilience, short-term caution is needed regarding policy and liquidity risks.