Recently, on-chain I've seen those "coincidental transfers" again, where A just receives money and immediately sends it to B, and B then transfers it to C, making it look like someone is controlling the market... But now I'm more used to breaking it down into paths: Is it the same source of funds changing addresses? Is it passing through a CEX hot wallet or aggregator, making it look very coincidental? Is it trying to evade tracking by splitting up the transactions, or is it actually just a pipeline for liquidation or margin replenishment? To put it simply, many "stories" are just our own imagination.

AI agents and automated trading have also been quite noisy lately, with narratives being hyped up, but what really makes me cautious is the interaction permissions and signatures: the busier the bots run, the easier it is for a small mistake to escalate into a chain reaction of incidents.

After narrowing my focus, I actually persisted longer: not chasing "big fish," but just understanding one or two explainable paths each day, avoiding the liquidity drought trap, and surviving first before talking about other things.