On June 19th, Markus Thielen, CEO of 10x Research, released a report saying that by analyzing the top 115 tokens, the average price of cryptocurrencies has fallen by 50% from its peak in 2024. Unless cryptocurrency liquidity improves significantly, these losses will continue to intensify. Currently, Bitcoin (-11%) and Ethereum (-13%) are relatively solid, which may be due to smart traders moving funds from counterfeit products to these two major cryptocurrencies. This phenomenon has occurred in the past two market cycles. In the bear market of counterfeit products, effective risk management has become the key to survival. Token unlocks and unfavorable cryptocurrency liquidity metrics were cited as the main triggers for the plunge. Thielen emphasized that today, counterfeit products are in a bear market. In 2024, 73% of these 115 tokens peaked in March.