Lately, I really feel that attention is even more expensive than liquidity… Whenever a new hotspot pops up, I get itchy to jump in, and the result is either getting taught a lesson by slippage, or chasing my emotions. Now I’ve set myself a really corny rule: when I see a new narrative, I don’t look at the K-line first—I look at the “pool”: is the depth sufficient, are the fees suddenly abnormally high, is the trading activity coming in bursts and waves. Plainly speaking, “lively” scenes without liquidity are mostly just people being used to carry the sedan.

In the past couple of days, there’s been more talk about the anxiety about sell pressure from pledge unlocking and the token unlock calendar, and I feel nervous too—but I try not to treat the “calendar” as a conclusion. Before and after the unlock, I’d rather watch the on-chain inflow transactions to exchanges, and whether the order book thickness in the pool has thinned out. If those haven’t changed, scaring myself with the calendar alone is useless. In any case, I’d rather miss out a little than keep paying tuition back and forth in the rotation of hot narratives.