In the past couple of days, I’ve been watching big transactions on-chain, and people keep asking whether it’s an “opportunity.” My first reaction now is actually: am I the one paying tuition for someone else? With sandwich attacks, the basic story is this—you think you’ve caught a move in volatility, but in reality, others have already moved in between you before and after your trade, taking your slippage and even your emotions away as if it’s nothing. Arbitrage is pretty much the same: what you see is the price spread, while what others see is your certainty.

Recently, the staking unlocks and the token unlock calendar have been dug up again—so it’s scary. When everyone gets nervous, they love to chase it, which makes on-chain activity even more lively, and MEV (Miner Extractable Value—put simply, it means others can cut in line and profit from the difference you’re offering) gets even more appealing. I’m still the same as before: I test with a low position; I’d rather move slower—at least not become “the one who pays the fee, personally.”