🔮 Capital Is Getting Choosy April’s VC print looks ugly because it is ugly: capital has stopped paying for stories and is demanding evidence. The 74% drop isn’t just a funding headline; it’s a reality check for every project priced like the future was already guaranteed. 🧲 My read is that this is a liquidity trap with a cleanup phase attached. Infra names are getting squeezed because usage and fee capture are soft, while DeFi and AI still attract attention precisely because they feel like products, not abstractions. The CLARITY draft could change the backdrop, but until that happens I think the market keeps rewarding balance-sheet discipline and punishing excess. 👁️‍🗨️ The sharpest takeaway: this is not a broad crypto collapse, it’s a brutal rotation from narrative to function. ⚠️ Personal analysis only. Not financial advice. DYOR. #CryptoVC #DeFi #AI