Halfway Preview of Token Unlock Projects | #Episode 37 Today, the overall crypto market is showing a volatile recovery pattern. Total market cap has rebounded to approximately $2.6 trillion, with a modest weekly uptick, but the Fear & Greed Index remains low, indicating that market risk appetite has not yet fully recovered. From a funding perspective, ETFs remain the core support. This week, Bitcoin spot ETFs saw net inflows of nearly $1 billion, while Ethereum ETFs attracted approximately $180 million in net inflows, signaling continued institutional participation. Meanwhile, the total market cap of stablecoins has risen to around $313 billion, with USDT accounting for nearly 60%, maintaining ample liquidity. On-chain data shows divergence. Total value locked (TVL) in DeFi has declined by about 9%, suggesting some capital is withdrawing from on-chain protocols. However, Ethereum transaction volume has surged significantly, reflecting a rebound in short-term trading and speculative activity—highlighting a market structure of “liquidity present, confidence lacking.” Narratively, capital remains concentrated in AI, DePIN, and RWA sectors. Projects related to verifiable AI compute, prediction markets, and infrastructure continue to gain momentum, indicating the market is actively seeking the next major narrative. Investment and funding activity remains robust, with projects like Paxos and Kraken receiving capital support; institutions continue to maintain long-term confidence in compliance and infrastructure-focused segments. On the macro front, April enters a period of heightened volatility, with key data releases—including the Fed’s interest rate decision and CPI—as well as regulatory developments expected to influence market sentiment. Coupled with major industry events and token unlocks, short-term volatility is likely to intensify. Overall, the market is currently in a phase of “capital returning but confidence unrevived”: ETFs provide a floor of support, but on-chain outflows and macro uncertainty continue to constrain upward momentum. In the short term, the market is expected to remain range-bound and rotational, with capital favoring strong narratives such as AI and infrastructure. Halfway Preview of This Week’s Token Unlock Projects: #HYPER #SOON #H #XPL