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When liquidity dries up, I first put away my "bottom-fishing impulse," to be honest, surviving comes first before talking about anything else. Recently, everyone has been comparing RWA and even U.S. Treasury yields to on-chain yield products, I see that too, but the more I look, the more I feel: what the yield looks like doesn't matter, what matters is whether you can run at any time, and whether slippage when running will teach you a lesson.
Why can I stay calm? I have a simple trick: every time I want to add to my position, I first force myself to pull out the position sheet and ask, "In the worst case, how many weeks can I hold?" If I can't answer, I don't move. When the market is hot, everyone seems like a genius; only when liquidity dries up do you realize what you're really playing with... That's it for now.