Just finished practicing yoga—clearer in the head before checking that “pool” stuff from chain games. Put simply, a lot of these pools aren’t killed off by crash-and-dump price action; they’re “fed to death” by their own inflation: the higher the output gets, the more you end up having to sell—and the more you sell, the more you end up compressing the price. To keep people around, they add rewards—until, in the end, all that’s left is “having to beat the unlock every single day.” Who would really want to play… Anyway, now whenever I see high output, I ask one question first: where does this output come from? New incoming money? Or tokens that were printed? If the answer is too awkward, I won’t touch it.

Recently, yet again, someone has been using ETF capital flows and the risk appetite of US stocks to explain all market up-and-downs. It sounds pretty reasonable, but once your emotions get the upper hand, it’s easy to give yourself an excuse for FOMO… I’ll treat it as noise for now and watch slowly.