Recently, I saw a bunch of people watching on-chain large transfers, exchange hot and cold wallet movements, and then starting to interpret "smart money is coming / leaving"… I actually feel indifferent about it, honestly, many times it's just changing addresses, changing custodians, risk control rebalancing, which may not be the same as the story we small investors imagine.

What bothers me more is governance: everyone delegates votes to save trouble, and in the end, voting is like a meeting roll call, with the same few always raising their hands. Who exactly does governance tokens govern? Maybe it's just "those who have time to vote," or "those with resources to organize voting." I now treat voting as practice, not aiming to change the world, at least not just handing over my little rights casually as if the task is done… better to make it a bit more troublesome.