Recently, someone has been calling the exchange's hot and cold wallets "smart money" just because they move. Honestly, I’ve been too optimistic about it, and it’s a bit frustrating. What I care more about is where the project’s treasury funds are going: Have the milestones been reached, are the updates being pushed on schedule, and do the on-chain addresses before and after spending match (I tend to use addresses to find reasons for myself, although I often only check after a pump). What I fear most is not slowness, but chaos: slow at least means a clear direction, chaos means today smashing the market and tomorrow changing the route, and the treasury is like a leaking faucet that no one can explain. Anyway, right now I prefer to look at L2 projects; I’d rather join late than see their expenses and deliveries not match, otherwise I can’t hold up even if I’m stubborn and tough-handed.