Lately, the feeling of “no water” in the market has returned, with order books so thin they’re like paper, and a quick push causes a bunch of slippage. To put it simply, when liquidity dries up, focus on surviving first before talking about bottom fishing: keep your positions small, don’t leverage too hard, and holding cash/stablecoins is the most important for sleeping well. I also watch the inflows and outflows on exchanges, but I no longer chase every fluctuation to explain it; when macro winds change, the reasons can always be made up, and anyway, the market is quite random.