This morning I first checked a few large transfers on the chain, the page froze for a moment, and I had to refresh twice before it appeared... Regarding the matter of returning to the treasury expenses, I now pay more attention to "where the money is spent" and "whether the milestones match up." It's not about how many announcements they release, but whether the expenses are stable and the rhythm is normal: pay for audits when due, pay developers/operations when due, and occasional large transactions can be explained. Conversely, I become more cautious about those who suddenly transfer a bunch to exchanges or who haven't moved funds for a long time but keep drawing pie-in-the-sky milestones every day. Recently, everyone has been interpreting ETF fund flows, US stock risk appetite, and cryptocurrency price fluctuations as tightly linked, and I see that too, but honestly, it's all just noise. Whether the project team is actually working or not, the treasury flow and delivery records are more honest indicators.