Lately, watching NFT liquidity has been a bit exhausting: the floor listings look quite thick, but when it comes to actual transactions, they all turn out to be just probing prices. When royalties change, everyone says they support creators, but in reality, they’re just calculating whether they can get out safely. The community narrative is the same—when it’s hot, a single word like “culture” or “consensus” can hold the conversation for half a day; when it cools down, all that’s left is “did someone take over the position.”

On-chain large transfers and hot or cold wallets on exchanges are often called “smart money” whenever they move. I also get curious and look, but honestly, most of the time it’s just others adjusting their positions, market making, or hedging—don’t fool yourself into thinking you’re witnessing a front-row scene.

Recently, I’ve simply lowered my expectations: I’m not counting on doubling overnight, just observing an experiment to see if “liquidity will come back”… it’s actually more relaxing. If I miss out, I miss out; at least I know what I’m buying.