Recently, I've seen people again watching large on-chain transfers and hot and cold wallets on exchanges, saying "Smart money is coming" whenever there's movement.

I generally don't follow this kind of sentiment anymore; the bigger the news, the more it sounds like noise.
If I really want to enter the market, I first think about whether I'm buying attention or buying for the long term.

PFPs, memberships—these are basically like brand entry tickets: in the short term, relying on hype and consensus; in the long term, it depends on whether the team continues to deliver, whether the community can sustain itself.
Otherwise, even the most beautiful avatar is just a passing trend.
Anyway, I now pay more attention to permission boundaries—whether I can unbind, whether authorization can be revoked with one click.
Don’t let the members go unused while the wallet gets fished first.
That’s all for now.