Recently, there have been many people watching large on-chain transfers and fluctuations in exchange hot and cold wallets, interpreting them as "smart money"... I also look at them, but honestly, they are more like a weather vane of sentiment, not evidence of projects working diligently.

I'm more concerned about how the treasury spends money and how milestones are delivered: it's okay if spending is a bit slower, but don’t just change a logo today and hold an AMA tomorrow to burn through the budget; can they continuously complete small features, launch, and iterate? Even if it's not glamorous, it can really demonstrate the issue. Conversely, if milestones are written like poetry but expenses are like throwing money around, that kind of reflexivity will quickly backfire.

There are many tutorials, but I actually prefer those that break down the budget into detailed items like "people, audits, infrastructure"—cold and impersonal, but it feels more reassuring. Let’s start with this.