Just now, my phone popped up a red dot reminder about "a huge transfer from a certain address to an exchange," and the comment section instantly started interpreting whether smart money is trying to dump or pump… I couldn’t help but roll my eyes: money moving ≠ you understanding it, especially when many hot and cold wallets are just shuffling funds around, which is more like a backend move.

By the way, I also want to complain that recently some people are calling AMM market making "passive income," saying "earning fees for profit." Come on, the curve is fixed, but prices will move; you're holding a chunk of inventory within a range, and when the market shifts, you’ll be forced to rebalance passively. You don’t earn much from fees, and impermanent loss will first grind you into the ground. Anyway, when I look at pools now, my first thought isn’t APR, but whether I can accept that if the market moves unilaterally, I might end up holding only one side’s tokens… if I can accept that, then I’ll consider it.