Recently checked out some old NFT floor prices, and it feels like ice cream: when it's hot, everyone talks about narratives and consensus; when it's time to sell, liquidity is as thin as paper... Placing a bunch of orders, transactions feel like the internet is down. Royalties are even more awkward—honestly, creators just want to make a living, but buyers are annoyed by the extra cut, so in the end, everyone pretends not to see and turns to chase the next story.

What's even funnier is that on the spot/contract side, when funding rates hit extremes, the group starts arguing, "Is this a reversal or just more bubble squeezing?" fighting so fiercely that it feels like the sky is falling; meanwhile, NFT side is surprisingly quiet, so quiet that I start to feel guilty: is it cooling down and taking shape, or has it already melted away... I'm being conservative now, only holding a small amount of what I really like, and for those aiming for quick profits, just set take-profit and stop-loss orders in advance—don't wait until emotions take over.