Recently, I’ve had a pretty real feeling: with the same position fluctuations, unrealized losses are more likely to wake you up in the middle of the night than unrealized gains. During the day, it’s clearly just something like -2% or -3%, but your brain automatically fills in the rest—“What if it keeps dropping? Should I cut my losses? What if it dumps after unlocking tomorrow?”—and the more you think, the more it sounds like listening to rain, with the raindrops picking the thinnest part of your window to hit. On the other hand, unrealized gains are really strange too: +3% doesn’t make me feel more steady; instead, it makes me start to think, “Should I add a little more?” “What if a pullback makes me give back the profits?” In the end, I still can’t sleep peacefully. Put simply, the happiness you get from making money doesn’t really compound, but the anxiety from losing does.

Lately, everyone has been bringing up staking unlocks and token unlock calendars again and again, and I’m affected too. But right now, it feels more like I’m watching the interest-rate curve and the “weather” of the funding conditions: if borrowing rates start getting twisted, or if the correlation among collateral increases, I’ll shorten my leverage and the time horizon a bit—I'd rather earn less than let myself do risk control at midnight. For now, that’s it.