After I muted the group, my mind really cleared up a lot. Before, every time I scrolled it was all, “This PFP is going to take off,” “That membership card needs to be turned into a brand,” and after watching for long enough, it’s easy to confuse attention with value—and then your hands start to itch too.

When I calm down and look at it again, whether it’s a PFP or a membership card, what it really boils down to is two lines. One line keeps itself alive on aesthetics and storytelling; the other line stays posted on that order wall thanks to ongoing rights/consumption scenarios. Brand appeal obviously helps, but if the floor starts to loosen and your holding structure is all short-term trading positions, then no matter how good you are at talking, it still feels pretty hollow.

Recently, people keep using ETF fund flows and U.S. stock risk appetite to explain crypto up-and-down moves. It sounds smooth, but I’d rather look at the chain: Are the new funds coming in to buy memberships, or to provide liquidity? The difference is huge. Anyway, I’ll just act as an observer for now and avoid letting emotions push me around.