Worked the night shift and kept watching until 2 a.m.; I don’t really trust those “coincidental transfers” on-chain anymore—coincidence, seriously… When you break it down, it’s usually just a few paths: exchange hot wallets/consolidation addresses moving funds around for arbitrage, the same batch of money being layered through bridges and then coming back to the mainnet, or simply a studio running a bunch of small accounts that keep rolling in and out of the same liquidity pool. To put it plainly: first lay out the timeline in order, then fill in the “invisible jumps” in the middle (cross-chain, CEX, aggregators), and many puzzles stop feeling mysterious. Lately, that kind of spiral collapse in chain games—where there’s inflation + a studio + the coin price spirals down—I can also see pretty clearly in the on-chain traces: withdrawal addresses look like an assembly line, and in the end they all funnel back to the same few exit points. Anyway, when I trade perps, I only look at the paths I can explain—if I can’t explain it clearly, I won’t place an order. Even if the funding rate looks great, I won’t gamble. I don’t need to be understood; I just need to be able to sleep.