Now when I see those on-chain "Wow, big orders, quick follow" signals, my first reaction isn't opportunity, but rather who's laying out the red carpet to collect tolls... Sandwich attacks are like biting into a burger, and the person next to you casually takes the middle piece of meat away; you still think you're eating something delicious. Arbitrage is similar—on the surface, it looks like picking up money, but in reality, many times you're just helping others fill in slippage and fees.

What's even more awkward is that recently, those on-chain data tools/tags have been criticized for lagging behind and being misleading. I no longer trust the "Smart Money" tags very much; it feels like watching a three-minute-delayed game broadcast and still trying to bet on the outcome. Anyway, I now prefer to make fewer trades to avoid becoming another source of exit liquidity.