I’m now more inclined to think: when it comes to impulsively hitting the buy button, don’t blame the group or the KOLs. In the end, it’s still your own finger tapping that one moment—at most, they’re responsible for “making noise.” The reason is simple: when you’re dealing with information overload, people automatically look for the most effortless decision route. If you see someone shouting, and you see a needle-like surge, you think, “If I don’t get in now, it’s over for me…” Basically, the order book puts on a “too late” act for you, and you actually believe it.

From a market-making perspective, the easiest way to lead people astray isn’t whether the viewpoint is right or wrong—it’s that fake sense of depth when liquidity is thin, where a few trades can drag the price over. Group chat messages flooding the screen + KOL screenshots just happen to magnify the emotion of “I’ve got to take part too.” As for the recent pile of arguments about NFT royalties, they’re also pretty similar: creators want to earn more, the secondary market wants things to feel smoother, and when liquidity tightens up, the ones who feel the worst are still the people who chase the price and become the bag holders. Anyway, whenever I see the excitement, I’ll wait for a single candlestick to cool down first—if I miss it, then I miss it.