Lately I've been looking at a few old NFT projects again, the floor prices fluctuate like a thermometer, sometimes hot, sometimes cold, but what I care more about is where the liquidity actually is: placing a bunch of orders, but only a few actual transactions, that kind of "seems lively" feeling is pretty deceptive. Royalties are also quite realistic; when the market is bad, everyone first seeks to survive, and no matter how grand the narrative, it can't beat the feeling of running out of breath. I used to be led by community stories, thinking "as long as there's consensus"; now I prefer to check the on-chain transaction history, where the funds are coming from and going to, and see if there are any strange cross-chain inflows on the other side of the bridge... Anyway, after tracking too many security incidents, I realize that in terms of heat, speed of withdrawal is more reliable than hype. By the way, I want to complain that recently I've been using ETF capital flows and US stock risk appetite to explain crypto price movements; it sounds plausible, but when it comes to NFTs, which have even thinner liquidity, a shift in sentiment just turns into slippage and finger-pointing. That's all for now.