I can’t sleep at 1 a.m., so I looked up the treasury addresses of a few project teams. The more I looked, the more hooked I got. Some teams, the moment they have a little money, just toss out huge transfers—I have no idea what they’re even doing. Then the community starts to boil over.

On the other hand, with those who actually do serious work, every single expense has a clear roadmap. For example, payroll is laid out; node rewards are specified by phase. You can even see them using funds to buy back and burn, or to manage inflation. I’m the type who gets impulsive when trading—honestly, when it comes to project teams, it’s the same. Rather than listening to them spin, I’d rather watch treasury spending and milestones. For instance, recently, a certain Layer 2 project’s major-version update log, paired with the on-chain TVL change, is clearly more grounded than the ones that talk big but don’t iterate for a year and a half.

With all the wavering around expected rate cuts—when the U.S. Dollar Index moves, the whole market trembles—I’m even more suspicious that I’m getting carried away again. Anyway, keep a light position and focus on what they actually do—don’t let emotions drive you around. That’s it for now.