Recently, I’ve been looking at some market data, and there are a few signals worth paying attention to. The National Development and Reform Commission has issued a decision prohibiting foreign investment in a project involving critical infrastructure, and these kinds of regulatory actions have clearly increased in recent times.

Interestingly, at the same time, stablecoin fund flows have shifted noticeably. Last month, a major exchange attracted $6 billion in stablecoin inflows in just March and April—nearly $3.5 billion in April alone—which forms a stark contrast to the net outflows seen earlier. Analysts say that when an exchange’s inflows exceed its outflows, it usually means the market is starting to reposition itself and is preparing to participate in the next recovery phase.

But there’s a detail worth noting: Bitcoin’s current rise is mainly being driven by the futures market, while spot demand has not truly recovered yet. Open interest is increasing, but on-chain apparent demand remains negative. Based on historical experience, only when both futures and spot demand warm up can a bear market be considered truly over.

In addition, many tokens are set to unlock next week. SUI alone is expected to unlock around $40 million. JUP and SIGN, among others, also have sizable unlocks. Market volatility should likely continue, and it looks like a wait-and-see approach will still be the main strategy in the short term.