𝗪𝗵𝗼 𝗶𝘀 𝘁𝗵𝗲 𝗿𝗲𝗮𝗹 "𝗴𝗼𝗱" 𝗼𝗻 𝗣𝗼𝗹𝘆𝗺𝗮𝗿𝗸𝗲𝘁? An on-chain study of 90,000 addresses \& 2M settled trades reveals an uncomfortable truth: • Mid-frequency traders (3--4 trades/day) have the highest win rate (\~43%) • Yet their median PnL ≈ 0 → no real alpha,