Recently, I saw a bunch of people watching on-chain large transfers, exchange hot and cold wallet movements, and then starting to interpret "smart money is coming"… I also pay attention, but honestly, that's just a clue, not a conclusion. Don't treat it as faith.

Regarding LST/re-staking, I see two main sources of yield: one is the block rewards from the underlying staking itself, and the other is the incentives (a bit like early cold start airdrops) that protocols offer to attract TVL. The latter is the easiest to get caught up in because it looks like "extra money out of nowhere," but the risks also come with it: smart contracts, penalties/slashing, liquidity runs, and the stampede of everyone withdrawing after incentives fade.

Now I mostly treat it as practice: practicing not to be led by high APYs, practicing to ask first, "Who is providing this money, for how long, and can I withstand the worst-case scenario?" Anyway, I’d rather earn a little less than wake up in the middle of the night to liquidation news.