Recently, I've been analyzing the capital flows of several blockchain games again, and it feels like watching a drama series: the first few episodes are lively, then later it's all "inflation actors" adding scenes. The output is too aggressive, rewards are like tap water, and people who just joined haven't figured out the game yet and start thinking about withdrawing. Veteran players are even more straightforward—they calculate that the payback period is getting longer and just leave. To put it simply, the pool isn't dragged down by "lack of popularity," but by the output it produces itself.

What's more awkward is that everyone talks about gameplay but is focused on the sell pressure curve... I also tend to be a reverse indicator; when rewards are high, I get tempted, but the next second I see addresses already queuing to cash out.

By the way, I’ve also been observing the recent narratives that combine ETF capital flows, US stock risk appetite, and crypto market rises and falls into one interpretation. It’s quite similar to the "external narrative supporting valuation" in blockchain games: narratives can support for a while, but if the output and consumption don’t match, the story ends badly. That’s all for now—continue watching the addresses to see how they play the next episode.