Recently, I’ve seen a bunch of people watching on-chain large transfers and fluctuations in exchange hot and cold wallets, then interpreting it as "smart money is coming/going." Honestly, I’ve seen so much of this that I’m a bit skeptical... Some of it is just rebalancing and risk control processes, don’t get too caught up.

For the PFP, membership, and branding ecosystem, I’m now more concerned with its “liquidity structure”: whether there are really people willing to place long-term orders and gradually relay, or if it’s just relying on a wave of attention to rush in and then deeply short like the bottom of a teacup. Short-term hype is obviously useful, but after the heat dies down, whether membership benefits can be continuously delivered and whether the community has stable buyers and sellers—that’s what I’m more interested in. Anyway, I don’t chase after rising prices or sell on dips; I’ll wait until it returns to a more balanced position. For now, I’ll just brew some tea.