Recently, I’ve seen people watching large on-chain transfers and hot/cold wallet movements on exchanges, shouting "Smart money is coming/going." Honestly, I’m curious too, but don’t be intimidated by the terminology—just focus on one main thread: what exactly does this chain "record," who is first in line, and does the final count matter?

Data availability essentially means: you think it’s been recorded, but in reality, others can’t see or access it, so arguing about right or wrong later is meaningless; ordering is: at the same second, you and I both click confirm, and who confirms first or last not only affects the price but also your mindset; finality is: whether this can be overturned, and how many times it can be overturned. Understand these three points clearly, then look at those transfer screenshots, and your emotional response will be halved.

I’ll first review the finality rules of the chains I use most often recently, and note down the timeline of a few abnormal transfers, just to start with.