In the first quarter of 2023, the overall cryptocurrency market showed a trend of fluctuating upward movement. Bitcoin broke its historical high driven by ETF capital inflows, with Ethereum following closely behind and performing strongly. The Layer 2 ecosystem continues to expand, and on-chain activity is increasing. At the same time, projects combining AI and blockchain are attracting significant attention, becoming a new trend. In terms of regulation, the United States is tightening its scrutiny of the cryptocurrency industry, but this also leads to increased compliance expectations. Overall, market confidence is warming, capital is gradually flowing back, and the characteristics of a structural bull market are emerging.