These days, there's another wave of hot topics rotating, with the timeline flashing by like a lottery: just about to research, and the narrative changes in the next second. To put it simply, attention is like the handle of a sickle; whichever way you focus, that's where you'll be more easily cut. My clumsy approach is: the more people shout "This time is different," the more I lower my positions first, just leaving some to observe, and not rushing to chase the full story.

Recently, everyone has been comparing RWA, U.S. Treasury yields, and various on-chain "yield" products, and I find it a bit theatrical: even though they all involve yields, the sources of risk are completely different. When it's hot, people only remember the numbers and forget the conditions. Anyway, my current principle is to first ask myself: do I want liquidity or a story? If both answers are vague, then I'm probably being led by the hot spots; better to cool off first.