Just took a look at the on-chain data and found that a certain large-holder wallet is making big transfers. At first it looks like they might be building a position, but on closer inspection, the contracts on their side are also moving—so it feels more like they’re doing hedging. In this kind of market, it’s really hard to tell whether it’s true accumulation or actual hedging, and it’s easy to identify it wrong. I’ve already suffered from this kind of loss before: I thought the big player was absorbing liquidity, but it turned out they were doing loan-based asset arbitrage.

Lately, haven’t people been talking about miners’ revenue and MEV? Honestly, the priority fee side is indeed pretty high. The interaction costs for retail users have been pushed up a lot—sometimes when you try to farm an airdrop, the gas ends up costing more than you expected, and all of it goes to validators and searchers. Anyway, my rule is: before you see a big wallet moving, first dig into its contract holdings—don’t just stare at deposits and rush in.

That’s it for now—I’ll keep doing my spreadsheet. The more detailed the data, the less likely you are to step into a trap.