Just closed that page full of unlock calendars, then pulled up on-chain data to look at a few fund-flow directions.

Honestly, I’ve been thinking about one question lately: for PFPs, membership cards, and the like, are people really buying long-term brand value—or are they buying short-term attention? It feels like looking into a mirror: you see the things you most want to believe. Some people think they’re community passcards, others think they’re harvesting tools, and in the data you can actually find evidence for both views.

Today, looking at a certain project before its unlock, the distribution of wallet addresses was pretty interesting—whales are concentrated, retail is scattered. In the on-chain transfer records, I didn’t see any obvious signs of large-amount splitting. But honestly, I don’t know whether this is meant to be sold slowly or just kept untouched. In any case, I’ll cross-check the fund flows first and see whether later there are large transfers going to exchanges.

Anyway, emotions are just mirror reflections. Whatever you choose to believe, the data can help you find evidence for it.