Liquidity has dried up these days, and the feeling of "wanting to run but unable to escape, wanting to buy but unable to enter" has returned to the market. To put it simply, at such times, don’t rush to be a hero; survive first and then talk about bottom-fishing. Otherwise, you might think you're picking up bargains, but in reality, you're just catching slippage and emotional taxes.

Some people keep an eye on large on-chain transfers and hot/cold wallets of exchanges, interpreting every move as "smart money." I also watch, but there's no need to overthink it as a script: many are just rebalancing, risk control, or hedging, which may not be the same as what you and I think. Indicators can only serve as signposts, not divine oracles.

Tonight, I will first revoke a few old DeFi authorizations, and take the opportunity to note the current liquidity and my own position thresholds. I'll review again tomorrow.