Keep刷Chain data……Today I saw a transfer. Looking at the address and the amount, my first reaction was, “Damn—these two addresses look suspicious.” As it turned out, when I followed the middle routing step by step, I found it was just the tail end of a sandwich liquidation: a bot borrowed one protocol on-chain, then sent it on through another layer of stablecoin. It looks like “coincidental” cross transfers, but really, every step leaves clear accounting traces of gas and slippage. Honestly, this kind of “coincidence” is really too common on low-fee chains—especially lately, when funding rates have been wildly extreme. Everyone’s been discussing whether this is a reversal or whether people will keep squeezing the bubble. Anyway, I feel that those on-chain transfers that look like “coincidences” are probably someone calculating the route—if you dig one layer deeper, you’ll find the whole thing is driven by routing and fee logic behind the scenes. I don’t want to chase highs; I’m just watching a few cross-chain routes between protocols, to see whether there’s an overlooked liquidity spread in there. In any case… I don’t know whether I’m right or not. I’m posting it as a record.