The market is entering a new round of structural rotation:

$BTC and $ETH are strongly consolidating, with funds clearly reallocating chips at high levels;

The meme sector is cooling down, indicating that the retail FOMO phase has come to an end;

On-chain TVL is steadily recovering on the Ethereum mainnet, suggesting that long-term funds are gradually returning to their base assets.

My judgment is: late May to early June is a key window period for structural switching, and the main line will return to mid-market projects that combine narrative and actual use cases.