I think onchain data is starting to lose something
I used to think more transparency automatically meant better information.
Now I’m not fully sure.
The more I trade onchain, the more I notice good wallets behaving differently once they become visible.
They split size.
Use multiple addresses.
Move slower.
Sometimes they disappear completely.
Which creates a weird feedback loop.
The wallets people want to track the most become the wallets that reveal the least.
What caught my attention about Genius wasn’t really the execution side this time.
It was realizing how much trader behavior changes once observation becomes part of the system.
At some point, visibility starts influencing the thing it’s trying to measure.
And when that happens…
are we still looking at real signals?
Or are we looking at behavior that adapted to being watched?
That question keeps coming back to me lately.