In the first half of 2023, the cryptocurrency market experienced high volatility and structural differentiation. Although Bitcoin reached new highs driven by the halving cycle, it quickly corrected. The current market is in a transitional zone at the peak of the cycle, without a systemic crisis, and core assets still have institutional allocation demand. On a macro level, the global economy is complex, the Federal Reserve's stance is cautious, and trade frictions are increasing market volatility. However, the global nature and resilience of the cryptocurrency industry have strengthened, with some regions providing policy support. It is expected that the market may rebound in the second half of the year.