Recently, I’ve come across a lot of PFP profile picture swaps doing that “membership” routine—basically, just locking in attention first. I can understand the short-term excitement, but if we’re talking long term, I still trust on-chain active addresses and fund flow more—the kind of question like “are people still around, is the money still coming in”… Otherwise, no matter how nice the profile picture is, in a couple of weeks, the group will be left with just bots checking in.

In the past two days, the funding rate swung into an unusually extreme/abnormal range, and the group was arguing again about whether to reverse or keep squeezing the bubble—so I just don’t want to take part. Anyway, I only look at data, not whether it “turns” or not. I don’t want my position to follow emotions either; I’d rather go slower. If I’m wrong, I’ll just delete the picture. That’s it for now.