Lately, I don't really trust their stated milestones for projects anymore. I'm more focused on how the treasury is spending: whether the money is flowing into development, security audits, community tools—these "slow-paced" areas—or if it's being paid out in waves to a bunch of consultants, marketing partners, KOLs... Basically, I'm looking at whether the expenses have a rhythm and whether they're being driven by market sentiment. On-chain transfers reveal everything; the more hurried the spending, the more nervous I get.

I no longer believe the phrase "sufficient budget guarantees success." A team that is genuinely working will update milestones gradually, and delays will come with clear explanations; insincere teams tend to inflate milestones and spend the treasury more chaotically. Recently, the expectations of rate cuts and the dollar index have been making noise again, and the simultaneous rise and fall of risk assets is making people even more anxious. I’ll stick to my stop-loss discipline for now... I’ll review everything later.