Recently, someone was talking about AMM market making as if it's a guaranteed profit, and I couldn't help but laugh... The curve is right there, and when the price deviates, impermanent loss follows. To put it simply, you're selling volatility; the bigger the volatility, the easier it is to be exploited. Especially during one-sided markets, the trading fees look lively, but after calculating net value, it's not as good as just holding steady.

I'm now more willing to be a lone wolf, preferring to use options implied volatility for some hedging, earning less but sleeping better. The on-chain data tools with their tags have recently been criticized for being laggy and potentially misleading, which is normal—others labeling you as "smart money" doesn't necessarily mean they are. Following that can more easily turn you into liquidity fuel.
What I fear most isn't missing out on opportunities, but rather knowing the risks clearly and still pretending not to see them.