Recently, observing NFT liquidity feels a bit like walking on thin ice: when the floor price heats up, everyone starts telling stories; when it cools down, no one even bothers to place orders. Royalties are even more delicate—basically, it’s about whether you’re willing to pay a little more to the creator. When the market is good, everyone supports it; when it’s bad, it’s just silence... I don’t judge, after all, the market never cares about sentiment.

But these days, the funding rates for spot/derivatives are extremely volatile, and the group is arguing whether it’s a reversal or just more bubble squeezing. I see the same emotion bouncing between different tracks: as the squeeze tightens, narratives automatically heat up; when execution can’t keep up, the enthusiasm dissipates. Let’s leave it at that for now, writing a few lines as a lullaby before bed.