I'm now looking at whether the project is working seriously, rather than blindly trusting that "the roadmap looks beautiful," I care more about how they spend their treasury: which people, which tools, which milestones, and whether the pace matches. For example, every time funding is needed, can they clearly explain what needs to be done to consider it delivered? What if they can't? Don't just say "the market isn't good, let's hold off for now"... Of course, it's not that spending less is better; some teams are too frugal and can't push forward. The shift is that recently everyone has been watching large on-chain transfers, exchange hot and cold wallet movements as "smart money." Honestly, I also glance at them, but they are more like emotional thermometers; what truly reassures me is: after the money is spent, can the next report show verifiable progress? Is community discussion increasingly about solving problems rather than just hyping each other up?