Seeing yet another argument about “block builders and bundles treating retail investors like cash cows,” it’s starting to feel a bit exhausting… To put it simply, retail investors really don’t need to study this whole mechanism well enough to write a thesis. Just know these three things: ① The trades you place may be bundled and ordered, and slippage and execution prices aren’t fully up to you; ② Don’t use market orders in low-liquidity pools—better to split your orders, use limit orders, and be less rushed; ③ For large transactions, try to go through protected routing or private submission—at least reduce the probability of “showing your hand.” As for the rest—who alliances with whom, and how builders share profits—the more you dig into it, the more you may end up making things harder for yourself. Recently, using ETF fund flows and U.S. stock risk appetite as universal explanations is the same: macro narratives are something to listen to, but in execution, still follow position discipline and rebalancing—don’t let emotions pull you into chasing this and that.