Recently I’ve seen several projects posting their treasury expenditure reports. Some are even trying to list every cent down to the cost of buying coffee, while others just write a single line like “operating expenses.” Honestly, looking at the cash flow alone is useless—you have to combine it with the milestone delivery timeline to make it meaningful. For example, if a team raises money and spends it on development, but there hasn’t been a decent testnet within half a year, then it’s basically just burning money to keep people on staff. I usually go through their on-chain treasury wallets to check whether they’re truly paying for audits, servers, and development contracts, or whether it all got swept to some personal address. This kind of thing is common—I find it more real than the “deflationary model” in most whitepapers.

Over the past couple of days, funding rates have been extremely wild. The community is arguing about whether to reverse or keep squeezing the bubble. I think instead of guessing the upside or downside, it’s better to first see whether those project teams who are calling trades are actually doing work themselves. My noise-reduction strategy is pretty simple: filter out emotional statements in the discussion area, and only focus on on-chain, verifiable actions—treasury spending, token holder distribution, and the frequency of development commits. Everything else is just noise.