Lately, the liquidity of NFTs has been quite cold: the floor price seems glued to the ground and can't rise, with a bunch of listings but not many actual sales. Royalties are also quite delicate; charging high makes buyers more hesitant, charging low leaves creators with no motivation, and in the end, the community narrative has to carry the hype. But once the narrative cools down, the ripples disperse very quickly. Some regions outside are tightening and loosening taxes and compliance rules, causing expectations around deposits and withdrawals to fluctuate, and people's sentiment shrinks accordingly... To put it simply, the biggest fear for liquidity is "hesitation." My biggest fear isn't loss, but losing control: for example, sudden rule changes, funds getting stuck, making withdrawal impossible. Now I’d rather buy less and keep an eye on trading depth and position distribution to see if it’s just hype with no real money following in.