ETF funds flowing in and out, plus the familiar “risk appetite in US stocks” storyline—once the timeline lines up, I get restless and almost want to rush in again as a “passive market maker who just lies back and earns.” But if we’re being honest, no matter whether you believe it or not, that AMM curve runs cold according to the rules: when the price goes up, part of the coins you hold get sold; when the price goes down, they’re swapped into more of the coin you don’t really want to hold. In the end, when you do the math, impermanent loss is basically there smugly laughing. Transaction fees can indeed make up some of the losses, but once volatility kicks in, it’s pretty common that they can’t fully cover it… Anyway, I only dare to test with a small position now. Don’t treat market making like a savings jar—having your mindset break is even harder to bear than losing money.