These past two days, someone again has taken ETF fund flows and the US stock market’s little risk appetite and forcefully tied it to “what crypto should do next.” It just feels a bit awkward to me… The same kind of mood can be conveyed, but it isn’t something you can sync with one click.

Back on the NFT side, liquidity is really the first to give itself away: floor orders get thinner layer by layer, and the trades feel like someone’s got a hand on the throat. Royalties, too, get pulled back and forth again and again—creators want stability, while traders want speed; in the end, it comes down to who loosens their grip first. Community narratives are more like a warm hearth: when it’s hot, everyone gathers around to talk about stories. When it cools down, only a few old IDs are left replying. At times like this, I usually open my umbrella first—less chasing the excitement, and more watching whether wallets have started to pull funds.