Lately, that feeling of "no one is taking the other side" in the market has returned. Liquidity has dried up, and so-called bottom-fishing can easily turn into catching a falling knife. To put it simply, focus on surviving first and then tell stories: don't be too heavily invested, don't stubbornly hold onto leverage, and if you want to buy, do it gradually in several rounds. Keeping some bullets is better than anything else. Right now, Layer 2 projects are still arguing loudly over TPS, fees, and subsidies. It sounds like a market stall scramble or a popularity contest… But when it comes to balance sheet reduction or risk aversion, subsidies won't save your drawdowns. Anyway, I prioritize positions that I can sleep peacefully with, and everything else is up to fate.