Watching the on-chain fund flows those days around the interest rate decisions feels pretty interesting. When rate-cut expectations loosen even a bit, big holders actually move a small batch of ETH to exchanges—not a huge move, but that “I’ll cash out first” urge is pretty obvious. In any case, when it comes to macro, in plain terms it’s just an emotion amplifier: when rates don’t move, everyone plays their own game; once the wind shifts, leveraged positions start to shake right along with it.

On modularization, I’ve recently been seeing developers talk about it non-stop—things like the DA layer and data availability. I went in to research for two hours, and when I came out I still felt… forget it. On-chain fund flows don’t lie: big holders didn’t really move, while retail users are even more confused—so let the bullets fly for a while.

Lately I’ve scaled my target down. I don’t chase anything like “doubling” or “a hundredfold.” I just look for unusually large daily splits or accumulation on-chain. I’ve ended up staying with it longer, and my mindset is steadier too.