Recently, I’ve been looking at those “coincidental transfers” on the blockchain, which at first glance look like random wandering. But if you break down the path, it’s not that mysterious: from withdrawing from CEX to a relay wallet, then to a bridge/aggregator, and finally landing in LP or a contract. Many steps are just to save on fees, avoid slippage, or simply for easier accounting. To put it simply, it’s not “mysterious funds,” but rather tools that fold user behavior.

It’s also understandable that now, with new L1/L2 incentives, TVL is being rapidly pulled up. Veteran users complain that “mining, then selling” is quite real. Anyway, on-chain looks lively, but often the same addresses are moving back and forth along the path. What I care more about is whether there are any bridges that shouldn’t be there, contracts with strange permissions, or signals of “bad weather” like suddenly changing security models.