The feeling I get from the market these days is: liquidity is slowly being drained, the order book still looks okay, but when it comes to actual transactions, it becomes thinner and thinner layer by layer, and a slight dip makes it slide off the charts. I used to get itchy and think about "buying the dip and averaging down," but now I care more about whether I can survive first: don’t over-allocate, don’t use leverage, and when I see large transfers on-chain going back and forth, I just pretend I didn’t see it… To put it simply, when there’s no liquidity, what you buy might not be the bottom, but a knife nobody’s willing to catch. And during major upgrades/maintenance of mainstream public chains, everyone in the group is guessing whether the ecosystem will migrate. I just watch the net inflow into bridges and exchanges—it's lively, but don’t let yourself also migrate into liquidation. Save your life first.