These past two days, the biggest feeling from watching the market isn’t whether prices are up or down—it’s that liquidity really is getting a bit dried up... The order book is so thin it feels like glass, and once slippage kicks in, it instantly throws people’s mindset into disarray. Put simply, at a time like this, don’t rush to be a hero and buy the dip—first focus on keeping yourself alive: keep your position size lighter, don’t touch leverage, and hold a bit of cash. Being able to sleep at night is more important than “buying at the bottom.”

Recently, everyone has been putting RWA, U.S. Treasury yields, and all kinds of on-chain “yield products” side by side to compare. I’ll admit, I also feel envious: other people are holding and earning steady interest, while over here I’m still worried about contracts, liquidations, and the protocol going wrong... Anyway, when my emotions run hot, I remind myself that returns aren’t free, and especially when the market is short on liquidity, risks can amplify incredibly fast. That’s it for now—I’ll keep my head down and keep watching the show while staying submerged.