I find that unrealized losses really can mess with your sleep more than unrealized gains. It’s the same old idea of “it doesn’t count until you sell,” but once your account turns red versus green, the bodily reaction is completely different. With unrealized gains, I think, “That’s fine—I’ll look again tomorrow.” With unrealized losses, I start imagining the worst-case scenarios; even the floor price feels like it’s counting down in my ear—the more I stare, the more it feels like it’s staring back at me.

Maybe it’s just loss aversion. Plainly put, losing a little feels like something is being taken away, while earning a little feels like, “It’s supposed to be like this anyway.” Lately the airdrop season feels similar, too. A points-based system makes people behave like they’re clocking in and punching a card at work, and the task platform is even anti-witchcraft—so worried that if you make one wrong move, you’ll be gone. That feeling of “possibly losing” is more torturing than “possibly earning more.” Anyway, I’m trying to check the market less in the middle of the night now. And when I stake or borrow NFTs, I leave some buffer—otherwise I’d be thinking about liquidation lines even while trying to sleep. That’s it for now.