Recently, I saw someone interpret ETF capital flows and the risk appetite of the US stock market as being tightly linked to crypto price movements, as if flipping a switch would make it rise... Anyway, what I’m more afraid of are these on-chain “quietly eating you dry”: when the AMM curve moves, market making is not at all a passive income. When the price runs, your position is passively rebalanced, and the fees earned may not cover impermanent loss. To put it simply, you’re using your own volatility to facilitate others’ trades. I used to imagine setting up a pool as a rent collection, but then I realized I need to watch liquidity distribution, ranges, routing, and even consider whether I’m willing to tolerate the awkwardness of “earning tokens but losing in token price.” Now I just treat it as a habit: avoid chasing high APR, first calculate slippage and IL, and take it slow.