I just checked the funding rates, and they’re back in extreme territory. Honestly, at times like this I usually don’t chase direction—I’d rather watch the opponent book’s funding flow to see who’s in a hurry to close positions and who’s quietly adding. The on-chain traces are pretty clear. Anyway, the bigger the volatility, the easier it is to spot where the real money is moving—more interesting than watching candlesticks.

A few of the Layer 2 teams have been arguing loudly lately. In the end, they’re all competing for liquidity; whoever offers more subsidies will be the most “hot” for a while, but once the hype dies down, you still have to look at real applications.

Oh, and if I can only keep one habit, I choose to scan for changes in the whales’ wallets every day. Everything else can be left aside.