Just looked out the window—the rain has stopped, and the coffee has gone cold. I can’t be bothered to reheat it. Instead, gas is getting hot again. Lately, the congestion index has been jumping up and up—I watched it for the whole afternoon. The packing cadence feels a bit off, like it did in a few earlier instances right before a spike, but I can’t quite put my finger on it. Maybe it’s just network volatility.

Speaking of PFPs and memberships, a lot of people around me are starting to wrestle with it: whether to keep waiting it out for brand value in the long run, or to run while the hype is still hot. Honestly, I went through some on-chain data, and for some projects the concentration of holdings has increasingly started to look like a standoff between short-term money. Even Gas consumption swings along with the news cycle—up one moment, down the next. Where’s all this talk of “long-term belief”? It’s nothing more than an illusion built out of liquidity. Recently, people have been interpreting ETF fund flows together with the U.S. stock market’s risk appetite, which has everyone panicking the moment they look at the macro picture—only to forget to check the real activity on-chain. In any case, I don’t really believe those “xx will definitely moon by the end of the year” claims. Watching Gas and address changes is more reliable than listening to people brag. That’s it for now—my coffee is cold, and I’ve got to go grab another cup.