Recently, I’ve seen people again watching large on-chain transfers and hot/cold wallets on exchanges, saying "Smart money is coming" whenever there's movement. Honestly, I feel a bit uneasy about it... Anyway, I don’t really jump in just because of these signals. Doing AMM isn’t just about sitting back and collecting fees; when you set the curve and act as the counterparty to the market, impermanent loss follows, and both upward and downward swings can turn you into the person holding a bunch of weak coins.

I don’t need to be understood, but I will clearly define my boundaries: market making is a strategy, not a belief. If you can accept drawdowns, understand clearly what you’re earning and losing before going in, then go ahead. Otherwise, it’s better to honestly follow the trend; missing out is okay, at least stop-losses are written into your plan, not into your prayers.