Actually, everyone understands that those “coincidental transfers” on the blockchain are mostly not coincidences; it’s just that at first glance we only pay attention to the timestamps of two transactions. Today, I dug up another one: on the surface, it’s A sending to B, and B just happens to send to C—like passing along a message. But when you break it down, it’s really first moving from an exchange hot wallet to a relay, then entering a contract to perform an exchange, and finally distributing to a few addresses as “change.” Once you lay out the path end to end, it looks completely normal. The recent chatter about the whole package—rate cut expectations, the U.S. Dollar Index, and risk assets rising and falling together—has been pretty loud. As for me, I’d rather explain the on-chain path first, and then talk about sentiment; otherwise, it’s easy to blame every market swing on “someone stirring things up.” That’s it for now—I'll add a comparison table tomorrow.