Sifting through on-chain records until your eyes hurt: a bunch of people talk about "coincidental transfers" and "mysterious addresses," but basically most of it is just not understanding the path. First, open the previous hop / next hop of the transaction and check if it's a hot wallet of an exchange, an aggregator, or a cross-chain bridge exit; then see if there are batch transactions with similar amounts or the same gas strategy during the same period. Many "coincidences" turn out to be arbitrage / position splitting / OTC settlement pipelines. What’s truly worth warning about are those that go through three or four layers and finally return to a few main addresses—once the holdings concentration is exposed, the narrative becomes less convincing. Recently, someone also linked ETF capital flows directly to US stock market risk appetite to explain price movements... Fine, you can consider the sentiment, but how on-chain funds move isn’t something you can just talk about; opening and checking for two minutes is more useful than listening for an hour.