Watching the night shift monitor the perpetuals for a long time, I increasingly feel that whether a "project is working or not" actually has less to do with price, and more to do with how they spend their money, whether there are milestones to match after spending. If the treasury expenditures are always in big categories like "market promotion," "partnerships," "ecosystem incentives," with vague details on when deliveries are due, who is responsible, and how to verify, then I will wait for confirmation first.

Recently, after cross-chain bridges were hacked again and oracle price feeds went haywire, the consensus in the community that "don't act yet, wait for confirmation" feels quite real: it's not cowardice, but being conditioned too much. Anyway, I now prefer to wait for a pullback, wait for announcements, or wait until I understand things clearly before taking action. When emotions rise, I just go wash my face, then come back and see if that expense sheet really looks like someone is seriously working.