Recently, I found that floating losses really like to hide under the covers, clearly not sold, and as soon as I close my eyes before sleep, it starts replaying automatically: Should I cut my losses, Did I buy too early, Will tomorrow be worse... Realized gains are different; when I make money, I only think "Alright, let's leave it at that," and I don't deserve to have an equal share. To put it plainly, the small losses are like IOUs, the gains are like red envelopes, and my psychological ledger is biased to an absurd degree.

These past two days, someone has been twisting ETF capital flows, U.S. stock risk appetite, and crypto price movements into a single storyline. I just want to laugh when I see it: the smoother the narrative, the more I want to test the temperature; don’t assume yourself to be a macro chosen one just because it’s hot. Anyway, I now pay attention to funding rates and sentiment; when they’re too aligned, I reduce some positions, at least to prevent being haunted by "unrealized losses" in the middle of the night.

What I don’t regret is: at least I still doubt myself, rather than doubting that the market is unreasonable.