These days, someone is talking about interest rate cut expectations, the US dollar index, and how risk assets are rising and falling together again.

As I watch, I keep thinking: the "on-chain data" you see may not be real-time either.
Nodes sync slowly, RPC has a hiccup, index services queue and re-scan, the "latest transactions/transfers" on the interface might already be a replay from a few minutes ago.

I thought that by watching the on-chain data I could be half a beat ahead of others, but last night, when I tried to track a fund flow, I switched through several RPCs and realized the previous one was stuck on an old block... I suddenly woke up.
To put it plainly, on-chain data isn't fake, but who is watching and which layer they are looking at can cause a "lag."
Now I try to avoid being influenced by instant fluctuations, preferring to confirm more slowly, look at multiple sources for comparison—anyway, as long as I don't get caught up in the hype.