Just now, scrolling through on-chain data until my eyes felt sore, the stablecoin supply didn't move much, cross-chain activity was also pretty quiet, and the inflow into exchanges came in waves. Honestly, liquidity is a bit dry right now. At this point, I really don't dare to shout "bottom fishing"; it's more important to keep my account alive: keep positions small, don't recklessly add leverage, avoid chasing if possible, and hold some cash to wait until there's real volume before doing anything.

Recently, everyone has been comparing RWA, U.S. Treasury yields, and various on-chain yield products. I've looked at them too, but the more I look, the more I feel we shouldn't be blinded by things that seem "stable." Once on-chain yields face a run, slippage and risk control clauses can really mess people up. Anyway, I'm now more concerned with the evidence chain: whether the money has come back, whether there's continuous inflow, rather than whether a narrative is hot or not. That's all for now, just wait patiently.