I came across a pretty interesting coincidental transfer, so I drew a path diagram. It turns out that the so-called "mystery whale" only involves three steps: coming out of the cross-chain bridge → swapping tokens on a DEX → consolidating into multiple wallets. In short, it's all public data, but nobody wants to piece it together.

Recently, there's been a lot of talk about the correlation between ETF fund flows and U.S. stock risk appetite. On the contrary, I find this kind of on-chain micro-analysis more reassuring——at least you can verify it without guessing sentiment.

I don't regret spending time drawing these sketches. Even though nobody gives them likes, the next time I see a similar structure, my eyes will be half a second faster.