Lately, looking at the market/chart on-chain, I only have one feeling: the water level has dropped again, and the urge to buy the dip is strong, but once liquidity dries up, surviving comes first. My mindset is like doing a "version update"—from V1.0's "buy more when it drops" to V1.1's "first get your position and cash flow in order, and only sleep when you can," anyway I don't want to be the one forced to sell when liquidity is at its lowest.

By the way, the shouting match over NFT royalties is quite similar: creators want to get more, the market complains that trading becomes harder... Basically, everyone is fighting over that tiny bit of liquidity. The project teams shouting narratives, I just treat as background noise, hold on for now, and when the water comes back, we can talk about "buying the dip."