Lately I've been watching a few old NFT projects on the blockchain back and forth, and it feels like “liquidity” is really a mystery: when the floor is soft, orders get scattered like being blown away; when the floor is firm, transactions seem to get stuck. The same goes for royalties—people say they support creators, but when the market cools down, they start avoiding gas fees and royalties... Honestly, when the narrative is hot, rules seem like consensus; when the narrative cools, rules become just costs.

By the way, I saw in the group again debating whether privacy coins and mixing coins are considered “original sins,” and as soon as the compliance boundaries are laid out, the stance quickly splits apart. Anyway, what I care about more now is: whether the same addresses are repeatedly moving assets, or if they’re deliberately pumping volume to keep the floor looking “popular.”

There’s too much information noise. My way of filtering out the noise is to only look at the simplest on-chain indicators: real transactions, holder changes, fund inflows and outflows—don’t get caught up in screenshots and slogans. Let’s start with that.