These days, some people are again watching on-chain large transfers and abnormal movements in exchange hot and cold wallets, calling them "smart money." I also pay attention, but more often I treat it as a thermometer of market sentiment... Going back to LST/re-staking, the main sources of yield are basically two parts: the basic rewards from underlying staking + the extra subsidy you get by lending out the "security/validation rights."

The latter is what seems attractive, but it's also where the pitfalls are—staking the same collateral multiple times, and in extreme situations, it's not just a small dip; it's rules triggering chain reactions of liquidation/redemption queues, plus if the contract/operator encounters issues, you can't just hit pause.
What I don't regret is: before trying to squeeze more, I make sure to understand the exit paths, redemption times, and collateral thresholds clearly. Earning a bit slower means at least I can sleep well.
Anyway, right now I care more about "whether I can safely exit" rather than that tiny fraction of extra yield.