Lately, I've been checking whether project teams are "actually working," but I end up looking at the treasury expenditure records first... Frankly, no matter how beautiful the milestones are written, it's better to see where the money is actually going. For three consecutive months, they've been making payments to a bunch of "advisors/market partnerships," but development-related expenses seem to have stopped, which makes me a bit hesitant. Conversely, if I can see audit fees, bug bounties, and core contributors steadily getting paid, I can tolerate a slower pace.

Also, recently everyone has been fixated on large on-chain transfers and abnormal movements in exchange hot and cold wallets, treating them as signals of smart money... I also look at them, but I don't dare to jump to the conclusion that "something big is coming." It’s more like: the project is moving funds, replenishing liquidity, or preparing to distribute milestone rewards. Anyway, I prefer to be a bit slow, waiting two more weeks to see if they are spending the money on legitimate things according to plan.