Recently monitoring on-chain transfers, people keep saying "Isn't this too much of a coincidence?" Actually, many coincidences can be broken down into explainable paths: first coming out from the exchange's hot wallet, looping through aggregators/cross-chain bridges, then entering a contract, and finally returning to a few familiar addresses... If a few new L1/L2 incentive pools are inserted in the middle, it looks even more like a "mining, transferring, selling" pipeline.

Now I deliberately slow down a bit, not rushing to conclusions, but first think through the motivation at each step: is it to save on transaction fees by changing routes, to diversify risk, or simply to arbitrage. Watching with a slower pace reduces the noise significantly and makes it less likely to be driven by emotions.