Recently, observing NFT liquidity feels a bit like soothing a baby to sleep: the floor price is built up by stacked orders as a "sense of security," but once no one accepts, the soothing turns into crying and waking up. Royalties are also quite awkward; creators want a steady income, but traders dislike the friction, so it often ends up being: when the narrative is hot, everyone says they support it; when the narrative cools down, they start questioning whether those few points are worth it. Community stories are actually the warm breeze of liquidity; when the wind stops, the floor becomes more like just holding on.

Additionally, these days, there's been a lot of arguing in the group about privacy coins, coin mixing, and the boundaries of compliance. Honestly, everyone is afraid: afraid of being targeted, and also afraid of having no way out in the future. I need to be reminded not to mistake emotions for trading volume, and not to think that "we are very united" means exiting liquidity. Anyway, I still stick to my old habit: only positions I can sleep soundly with are worth holding for the long term.