This round of the market really feels like a game of attention: everyone chasing hot topics until their eyes light up, and then getting left behind when the rhythm changes. I used to make the rookie mistake of thinking: as long as the topic is hot, I’ll definitely make money, just go all in. Now I understand that: the excitement is just noise, whether you can hold onto the value depends on whether you can follow the rules, and when to cut back.

Recently, RWA, what US bond yields, and on-chain yield products are often compared together. I also feel tempted, but to be honest, it’s still that saying: I treat my positions like potted plants, trimming them when hot topics come, trying a small amount, mostly keeping them as observation positions; the main part still follows rebalancing, leaving room, and not letting emotions drive research. Anyway, I’d rather miss out on a period than be repeatedly cut by the “next narrative” wave.