I'm now checking whether the project team is seriously working; the first thing I don't look at is PPT, nor the "community buzz," but rather the treasury expenditures: where the money is going, whether the spending has rhythm, and if it aligns with the milestones. To put it plainly, projects that are genuinely doing things will have somewhat "boring" expenses—development, security audits, infrastructure, long-term partnerships; those that spend large amounts on "market expenses" and KOL transfers like scattering rice grains every day are... well, you get the idea.

Recently, cross-chain bridges have been hacked again, and oracles are acting up, causing the entire network to start "waiting for confirmation." I become even more sensitive: when something goes wrong, do the project team first fix the issue, review, patch the holes, or do they write a small article to stabilize emotions? The same applies to milestones—delays are not scary; what’s scary is only changing the narrative.

As for why I get itchy? Probably because I see their treasury still quite healthy, and their storytelling is starting to shift, so I fantasize "maybe this time they can really finish the story"... then I remind myself: don’t treat me as liquidity, first draw the take-profit line and go from there.