Recently, I saw someone again analyzing large on-chain transfers and hot and cold wallets on exchanges, saying "Smart money is coming"… I actually feel a bit uneasy: you think following the trend is an opportunity, but it might just be someone else paying extra fees, and you get caught in a sandwich. Arbitrage, to put it plainly, is like picking up coins on the street; when you bend down, someone behind you is emptying your pocket.

My current approach is a bit more cautious, I prefer to tinker with volatility, at least knowing what I’m betting on. After being caught a few times, I patched myself up: don’t rush to place orders, don’t chase sudden liquidity spikes, tighten the slippage settings… small repairs and adjustments, anyway, romanticism needs to last a bit longer.