Seeing all kinds of yield aggregators promising big returns out of nowhere, with APYs so outrageous they’re almost shocking. Honestly, I used to get tempted by it too, but later I looked closely at the underlying contracts and found that some of it is actually based on complex nested strategies—backed up, in some cases, by multiple high-leverage hedge funds.

Once market sentiment turns around and the funding rate starts to look off, those “stable” APYs collapse in an instant, giving you no time to react. My habit now is to treat “simple” as a trap. When I see returns that look really appealing, my first reaction is to check who the counterparty is—who might be forced to close out.

Lately, everyone has been watching on-chain large transfers and unusual movements between exchange hot and cold wallets. People interpret it as “smart money” moving out or rushing in to buy the dip, and it’s pretty interesting. I do get curious when I see signals like that, but the truth is I mostly use them as sentiment indicators—and I even end up buying a little myself just to take a look.