Recently, I saw someone describe "market making = passive earning from fees" as if it were the same as earning interest from a fixed deposit... To put it plainly, the AMM curve is just letting you passively rebalance during price fluctuations—selling when it goes up, buying when it goes down. Fees are just compensation; whether they cover the loss depends on the volatility and trading volume. Impermanent loss isn't some mysterious concept; essentially, you're taking the other side of the "volatility" trade. By the way, I want to criticize that now everyone is linking ETF capital flows and U.S. stock risk appetite directly to crypto prices. The narrative is quite lively, but I prefer to look at actual on-chain transactions and pool depth. Anyway, I take simple things as traps: whenever I see the words "steady and guaranteed profit," I immediately step back to check the data.