The longer you navigate the crypto world, the more you realize a truth—markets are far more complex than what K-line charts show. Those seemingly stable price information and data indicators have long been distorted behind the scenes. When a market crash finally occurs, everyone realizes that the once-reliable quantitative models have actually long been invalidated. The numbers may look correct, but they fail to reflect the true market conditions.

Ultimately, the problem lies in the incentive mechanism—the entire system is designed to prioritize cost reduction rather than data accuracy. As a result, errors snowball like a rolling snowball, eventually leading to a collapse.

Looking at on-chain data collection in cryptocurrencies, there are basically two approaches: push and pull. Push seems reliable—continuously transmitting data at a fixed frequency. But when the market experiences intense volatility, the issues become glaring: it still plays outdated market data, while the actual market has long since changed dramatically. Pulling data, on the other hand, is timely, but it comes with high costs and potential delays. During sharp fluctuations, neither method works well and can even amplify market noise signals infinitely.

The most heartbreaking part is that when market data starts to distort, prices still appear relatively stable. Many indicators have already gone awry in the background; it's just that when the market is quiet, no one notices.