These past two days, when the order book thins out, I get a little timid. To put it plainly, when liquidity dries up, bottom-fishing sounds pretty cool, but in reality it’s more like swimming in a pool with no water—the more exaggerated your movements, the easier it is to choke. First, focus on staying alive: reduce your position size, don’t be too greedy with your orders, and if the stop-loss should be placed, then place it—ugliness is also something you just have to accept.

I used to be quite stubborn; I kept saying, “I only look at on-chain,” thinking the data wouldn’t lie. Later, I found that on-chain can get swept along by emotions too: narratives like modularization and DA 层 make devs get really excited, users are left looking confused, and the trading side is actually more likely to suddenly have liquidity vanish. Now I’ll treat it as if even my ears need to be open halfway—when emotions are hot, be more cautious; when things are cold, don’t rush to play the hero. That’s it for now.