Lately, I've been analyzing the AMM curve again, and the more I look at it, the more I realize that market making is definitely not a glamorous job where you just sit back and collect fees. When the price deviates, your position passively shifts to the other side. Watching the pool's quantity increase or decrease, in reality, the total value is being "worn down" little by little. Impermanent loss, to put it simply, is when you haven't secured the portion you should have secured.

There was also a little side story: I tracked a few large transactions using on-chain tools, and the labels kept switching between institutional and retail, with ridiculous lag… which almost caused me to misjudge again. Now, before I add to a pool, I make sure to think clearly: am I willing to be the "passive buyer/seller" in this range? If not, I won't force it. Talk again next time.