The crypto market is experiencing high-level fluctuations and consolidation, with small and medium market capitalization coins stirring up a frenzy.

Recently, the crypto market has maintained a high-level oscillation pattern, with no signs of systemic warming yet. However, driven by local themes, small and medium market capitalization tokens have performed remarkably well. The average increase for the top 500 tokens by market capitalization reached 16.65%, with the increase for tokens ranked 301-400 exceeding 46%, indicating a clear preference for assets with topicality and narrative potential.

AURA surged over 180 times, and projects like CONSCIOUS saw trading volumes increase by over a hundred times, highlighting the resonance effect of volume and price. Some tokens that experienced increased volume but stagnated in price reflect the market's divergent expectations for their subsequent performance. The overall market presents a structure of "theme rotation + mainstream stability," with unusual trading volumes still serving as an important signal for capturing short-term opportunities.

On a macro level, the Federal Reserve maintains a hawkish tone, and the inflation outlook remains uncertain. The escalation of geopolitical conflicts drives demand for safe-haven assets. In terms of regulation, the "GENIUS Stablecoin Act" has passed procedural voting, and the SEC has withdrawn multiple regulatory proposals, signaling a positive development.

In this context, multiple potential projects are simultaneously launching airdrop activities, including OpenSea, Treehouse, Recall, and Sophon, among others. These projects cover popular tracks such as NFTs, DeFi, and decentralized data, and all have opened up entry points for task participation. Users can earn points or qualifications by completing specified tasks, seizing the airdrop dividends during the market rebound period and opportunities for mid- to long-term layouts.

Overall, the current market is still in a range characterized by fluctuations and policy games. Although the fundamental support is not yet sufficient, the easing of regulations and the ability to absorb capital are gradually improving, which may accumulate momentum for the market in the second half of the year. In the short term, investors still need to closely monitor the changes in trading volume and the reactive linkage with macro indicators, flexibly seizing structural opportunities.