Recent group messages have been overwhelming me a bit, ten or so people sharing the same picture, then adding a line "Those who understand, understand," and then starting to ask if they should get in. To be honest, impulsively buying in is of course the responsibility of the KOL, but in the end, it’s still your own finger that presses the button. Don’t take “I saw him say that too” as a get-out-of-jail-free card.

These days, I’ve been interpreting ETF capital flows, US stock risk appetite, and coin price fluctuations as tightly linked. I’m not saying these don’t matter, but many people treat them as emotional switches—hot means chasing, cold means cutting. Anyway, I personally believe in one principle: understand the quality of collateral and the liquidation trigger points first, then talk about direction. The more information there is, the more you need to leave some space for calmness. That’s all for now.