Last night at 2 a.m. I was flipping the market, and the more I look at it, the more I think NFT is really just a liquidity game: the floor looks stable, but it's actually just sell walls on top, and once those walls are pulled back, the truth is exposed. Recently, royalties have been brought up again for debate; when it's hot, everyone says they need to "respect creators," but when things cool down, people start racing to see who can run the fastest... I'm now more concerned about the holding structure—who's holding on stubbornly, who's making moves back and forth, and whether the community narrative is being propped up by just a few accounts. Outside, memes and celebrities are calling out one wave after another, attention shifts too quickly. Newcomers really shouldn't impulsively jump in to catch the last wave; the floor isn't about faith, it's driven by emotions and the stacking of sell orders. Anyway, I’d rather buy less than get caught up in liquidity education.