Today I saw another pretty big round-trip move on the bridge, with a bunch of people in the comment section ready to follow along... But honestly, think it through first: Is this really building a position, or is it hedging/moving collateral? Many “whales” are actually walking on two legs, holding both spot and derivatives, looking like they’re going long on-chain, but in reality, they might just be spreading the risk, and chasing the momentum can easily lead to air.

Recently, there are still people comparing RWA, US Treasury yields, and various “returns” on-chain. I’ve looked at it too, but the more I see, the more I feel the information noise is too loud, don’t get caught up in a few screenshots setting the rhythm. My noise reduction strategy is simple: only focus on the closed loop of capital flow—where it comes from, where it lands, and whether it disperses again; if you can’t see a closed loop, just treat it as passing by, for now.