Actually, everyone understands this. No matter how eloquently the project team speaks, it's better to look at how the national treasury funds are spent and whether there are corresponding milestones after the funds are used. Recently, I will pull out their multi-signature/foundation addresses, roughly categorize them monthly into "development/audits/infrastructure/market," and then compare with GitHub commits, audit reports, product launch timelines... If they spend a lot but on-chain activity and delivery haven't kept up, honestly, they're just buying hype. Conversely, small, regular, and clearly explainable expenses, even if slower, make me feel more at ease. Recently, someone also used ETF capital flows and US stock market risk appetite to explain all the ups and downs; I also look at that, but in the end, it all comes back to the mirror ball: the macro narratives you see are mostly just reasons you tell yourself, while money flow and progress are less likely to lie. That's all for now.