I just got a little itchy again and wanted to chase that upward move, so I paused and pulled out my on-chain dashboard to check: is new money coming in, or am I being led by the K-line? To put it simply, the message is "capital is flowing back, smart money is starting to rotate," and the sentiment is "fear of missing out." The two are very similar, but the positions are quite different.

Recently, everyone has also been talking about the expectation of interest rate cuts, how the US dollar index and risk assets are starting to move together again... In such times, it's easier to use macro as an excuse to add positions, but if you're not keeping up on-chain, chasing in just pays tuition for volatility.

My current approach is simple: as long as I don't see continuous net inflows and large addresses moving in the same direction, I won't add. For now, that's it. I'm going to update the net inflow curve and large transfer data again.