When liquidity dries up, the first to die are often not those who misread the direction, but people with positions that are too large and still want to “hold on a bit longer.” To put it plainly, live first—then talk about bottom fishing. I’m pulling my tentacles back right now: leave enough gas and room for drawdown in every wallet; withdraw half of the liquidity that can be withdrawn first, and let the rest be “tuition,” too, without feeling any regret.

Recently, I’ve been seeing everyone put RWA and US Treasury bond yields side by side with all sorts of on-chain yield products, and honestly, that’s pretty understandable. The less liquidity you have, the more you want to find a “seemingly stable” place to stop for a while… but the traps of contracts, permissions, and liquidations are no softer than the market. Anyway, I’ll make sure to track the costs first, so I don’t get forced into selling at the worst possible timing. That’s it for now.