Recently, I saw someone link ETF capital flows with U.S. stock market risk appetite for interpretation, and then casually conclude "cryptocurrency should go up/go down"... Hearing that, I just feel a bit like sighing. Market sentiment can be referenced, but what I’m more afraid of is treating market making as easy money.

The curve of AMM, to put it simply, is: once the price moves, your position structure is passively rebalanced, you sell when it goes up, buy when it goes down; in the end, the difference from simply holding is the impermanent loss. It’s not that it’s a “trap,” but that the rules are written into the curve, quite symmetrical, and quite cold.

My current habit is: whenever I see phrases like “guaranteed profit market making,” I first screenshot and save it, then come back in a few days to check my mindset… Anyway, it’s a reminder to myself that profits are exchanged for volatility and tail risk, don’t pretend you didn’t see it.