Recently browsing on the blockchain, I saw a large order flowing into the pool. My first reaction wasn't "Opportunity is here," but rather to ask: Could this be someone else warming up a sandwich... In other words, you might think you're capturing the spread, but it could just be paying transaction fees for the faster traders. The same applies to cross-DEX small arbitrage; the longer the path, the more slippage, and the more attractive the profit looks, but in reality, it often ends up as trash. Especially these past two days, as everyone talks about easing expectations, the US dollar index, and risk assets acting erratically, volatility is there, but the crowding has also increased.

Now I trust data more than intuition. The reason is simple: intuition for me often equates to "wanting to make quick money," while data at least coldly reminds you: this trade's win rate isn't as high as you think, don't force it. Anyway, I prefer to do fewer trades rather than be someone else's gas fee sponsor. That's all for now.