Recently, I saw someone say "just sit in the pool and collect fees," and I couldn't help but laugh a little.

The AMM curve, to put it simply, is just you helping the market automatically buy or sell; once the price moves, your position structure passively deforms.
Impermanent loss is not mysticism; it's just how the mechanism is designed.
It's comfortable to grind sideways in the market, but once it trends strongly, fees are often just used to fill the gaps, and in the end, it's better to just hold spot honestly.

By the way, people are again explaining crypto price fluctuations by mixing ETF capital flows and US stock risk appetite...
It's fine to watch the show, but if you treat it as a steering wheel, you'll easily get thrown off.
Market making is the same—don't treat "process" as a performance; first, think clearly about what you're earning and what risks you're taking.