Just now, my phone kept popping up red dot notifications about "certain address large transfers" and "exchanges' hot and cold wallet movements." Watching these too much really gives me the illusion that I’ve missed out on the "smart money"... But honestly, most of the time, you don’t really know if they’re rebalancing, market-making, internal consolidating, or just moving assets around.

As for block builders, bundles, and such, I think retail investors only need to understand that "your transaction might be bundled and ordered differently than you think": don’t use too aggressive slippage when you're emotional, don’t force trades in low liquidity, if you really need to operate, split the orders, try limit orders or small amounts, don’t treat a single trade as the center of the universe. The deeper game theory details sound cool, but for someone like me who rebalances infrequently, it just becomes anxiety material... Anyway, no matter how crazy the market gets, I still need to sleep, so that’s it for now.