Lately, when looking at projects, I’m more interested in how the treasury spends money rather than what milestones they claim.

Where is the money going: development/auditing/infrastructure—those “seem slow but necessary” things, or events, KOLs, luxurious offline activities—those quick bursts;
Honestly, the treasury is like a mirror, reflecting the most truthful image.

Don’t just look at the timeline for milestones; you need to see if there are verifiable deliverables: code submissions, on-chain parameter changes, governance votes followed by execution, bug fix records…
Even if delayed, as long as the explanation is clear and priorities are reasonable, I can accept it;
What I fear most is everything being “fast,” but the treasury spending is actually quite diligent.

Recently, the expectations of rate cuts and the dollar index have been brought up again,
Risk assets sometimes rise and fall together, sometimes diverge, and the sentiment can easily get carried away.
My own rule is: just listen to macro noise, but ultimately, it’s back to that mirror—does the treasury’s spending match the milestones they’ve set?
That’s all for now.