Lately, I keep seeing people watching large on-chain transfers and hot and cold wallets on exchanges, shouting "Smart money is coming" whenever there's movement. Honestly, I also get tempted to chase after it, but after doing it for a while, I realize it's like watching the surface of the sea: the waves are lively, but you may not understand what's happening beneath the water.

As for modular blockchains, it might not be so dramatic for end users. You open your wallet, click confirm, and the process remains the same; what really changes is your "experience": cheaper, faster, less likely to get stuck for a long time, and occasionally you can move assets back and forth between different chains without having to relearn everything each time, like moving to a new city. There are costs too—more chains, more bridges, security boundaries become more fragmented, and when something goes wrong, it's sometimes hard to say who’s responsible... Anyway, whenever I see so-called smart money moving, I just treat it as a signal, not a conclusion.

I'm off to work.