Lately, I’ve been questioning whether a project is actually working diligently—I end up scrutinizing treasury expenditures first… No need to pretend; even if the milestones are written beautifully, they can still just be a PPT. What’s harder to tell is where the money really goes: is it continuously funding development, audits, and infrastructure—those “invisible but necessary” things—or is it a period of heavy spending on the market, KOLs, and various activities, while there’s nothing new on-chain? And then there are those cases where, every time they reach a “milestone,” they post a bunch of charts, but the code repository is quiet and the proposal discussions get no replies—I can’t help feeling a bit uneasy.

Recently, someone has also been interpreting ETF fund flows, U.S. stock risk appetite, and whether the coin is going up or down as one narrative, presenting it in a very convincing way… I also look into it, but honestly, those are more like weather reports. What matters is whether the project is spending according to plan and delivering at its pace—that’s what actually helps me sleep at night. Anyway, my strategy is still to make fewer moves, watch more; when I get anxious, I just cut my position a bit. For now, that’s it.