Recently I’ve been seeing a lot of people lump ETF fund flows together with risk appetite in US stocks, then directly map it onto crypto’s up-and-down moves. There’s so much information that it’s a bit anxiety-inducing. My approach for now is: don’t rush to follow the crowd. First, figure out what the on-chain small apps I actually use are really doing. Take on-chain privacy, for example. For ordinary users like us, honestly, the line between what’s compliant and what’s not can feel pretty blurry. Sometimes I think privacy is a great ideal, but when it comes to real-world implementation, it always feels a bit like “opening a coconut”—the shell is hard, and whether there’s any Alpha inside is something you have to crack it open and test yourself. Anyway, I’ve been pretty pragmatic lately: filter the information first, focus only on the little things I’ve used, and don’t let those macro narratives steer me off course. Privacy—yes, with boundaries there’s a sense of security, but don’t expect it to be invincible. After all, compliance is another “shell” in the real world.