I wonder if the project team is serious about their work. Let's not listen to their vision statements for now; first, see how the treasury funds are spent: development/auditing/infrastructure—these "not flashy but verifiable" expenses—are there many? Are there milestones with deadlines? Is there a review process? I'm most afraid of those who say "progressing" every month, while the treasury flows out into market partnerships and consulting fees, and in the end, it just results in a poster.

Recently, someone linked ETF capital flows tightly with the risk appetite of the US stock market to explain crypto price fluctuations. It doesn't sound entirely wrong, but what I care more about is: when the market heats up, will the project teams expand their spending and start showing off? Honestly, only those who can stick to their plans during a bear market are truly working; during a bull market, those who only spend to buy attention... it's hard not to roll my eyes. Anyway, I’ll keep lurking, watching your arguments, and occasionally flipping through the on-chain ledgers.