Over the past couple of days, the biggest takeaway from watching the market is this: when liquidity tightens, people are more likely to start “bottom-fishing and getting overexcited” too impulsively. Plainly put, survive first, then talk about bottom-fishing—don’t stubbornly force your position; if you can, keep some “ammunition” on hand. Being able to sleep at night matters more than anything. Personally, I’d rather miss a rebound than get swept out when the market is at its most crowded.

Later, I realized that many on-chain data tools and label systems aren’t as “smart” or reliable as people make them out to be. By the time they flag the “smart money,” the trade may already be gone—and you might even get thrown off by the market’s momentum and hype, leading you the wrong way. Anyway, these days I focus more on the overall liquidity trend plus my own risk-control line. Let indicators be just a reference—don’t treat them like a steering wheel. That’s it for now.