I only take one note: Don’t get confused by words like “data availability / ordering / finality,” just focus on one main thread—data must be visible to everyone first (otherwise it’s as if it didn’t happen), then it’s about lining up in the same order (otherwise each calculates on their own), and finally, it’s about “really being finalized” (otherwise it’s just chat logs); recently, someone also uses ETF capital flows and U.S. stock risk appetite to explain all the rises and falls, and I find it quite amusing. Anyway, the path and turnover speed don’t match, and even a similar narrative could just be a fake move.