I find people are really strange: when they’re sitting on floating profits, they act like nothing happened in their mind, at most just smile and keep scrolling on their phones; once they’re in floating losses—even if it’s only a little bit of red on the screen—they start automatically filling in the blanks about, “What if it goes to zero?” and before bed, they still can’t help but take another look. To put it simply, it’s not about how much money they lost, it’s that the “uncertainty” from losing that feels especially noisy.

These days, the group keeps circulating rumors about stablecoin regulation, reserve audits, and all kinds of “de-anchoring.” Even though my position isn’t big, I still get pulled along and end up nervous for a moment—it's pretty funny. Everyone talks about long-termism out loud, but their fingers are frantically refreshing. My approach can only be a bit old-fashioned: set my position based on what the worst-case scenario I can tolerate can handle—so don’t let sleep end up working overtime for the volatility… for now, that’s it.