Just got back from practicing yoga and took a look at the on-chain activity. I saw someone say, “What a coincidence—at the same time, so many addresses are transferring to and from each other.” My first reaction, honestly, isn’t a conspiracy theory; it’s more like watching a series of routes: coming out of exchange hot wallets, passing through a relay address, and then splitting into a string of new wallets. Some even conveniently go to a DEX to swap and then come back. If you break “coincidence” down, a lot of it turns into plain, straightforward actions like arbitrage, risk control splitting funds, and market making to replenish inventory.

Lately, funding rates have been taken to an extreme, and the group has started arguing again about whether it’s reversing or if the bubble is still being squeezed. I’d rather explain the on-chain path clearly first: who is coming out from where, where they’re going, whether there’s any reflow, and whether it’s the same set of funds just looping around. Put simply, emotions will make you fill in the blanks in your head, but the path will keep you a bit calmer... I rely on that to restrain my urge and not chase after every move.