After trading contracts for so many years, lately I’ve really wanted to smash my keyboard just looking at this market. The moment Trump said he wouldn’t strike Iran, “big pizza” shot up with a loud “bang.” I thought, “This is finally about to take off”—so what happened? Bam—right back down to 76,500.

ETH, BNB, SOL—each one is softer than the last, like stepping on cotton. The liquidation data is even more ridiculous. In the past 24 hours, the whole network saw liquidations of nearly 300 million dollars, and longs alone accounted for 200 million. Brothers who went long—I’ll cry with you for a second.

The day before that was even worse: 900 million, the ceiling for single-day liquidations in May. Every time these numbers come out, all I can see in my head is the scene at 3 a.m. where I’m cursing at my account.

Even the ETF side is draining liquidity. Last week, net outflows broke 1 billion dollars—the worst week since the end of January. The institutions are running. So tell me, who am I even playing with here?

What’s the most deadly part? Liquidity. Trading volume has shrunk by more than 70% compared with 2022—people have all left. The brothers who can make money have already headed to the US stock market. Nvidia, the Nasdaq—each one is sweeter than the next. Who’s still staying in this cursed place to keep drawing K-lines with you?

Of course, there’s also gold in the trash heap. The HYPE HLP mechanism is the real deal: when the whole market smashes downward, it pulls against the trend, driving to a new high of 47 dollars. I’m impressed.

LNF is pushing the RWA narrative. With a market cap of 30 million, it rose by more than 30% in a single day. Over at Uni V4, Ten Thousand Tokens has increased 13 times from the minting cost—but honestly, only a few can get on board. Most are insiders eating the meat. To put it plainly, it’s just “garbage time.”

In a market with no liquidity, no matter how great the narrative is or how innovative the project is, nobody is there to take the bag. You grind for a week to write a 100,000-word research report, post it, and then find out nobody is buying—basically just freeloading on your intelligence. The return on investment is so low it’s insulting.

There’s also a particularly disgusting phenomenon: crypto “follows the downtrend but not the uptrend.” When US stocks rise, “big pizza” acts dead; when US stocks fall, “big pizza” drops even more gleefully than anyone else.

To put it simply, you’re being used as a backup plan. When things are good for them, they don’t play with you. When things are bad, they make you take the hit. So my strategy now is just one word: wait. Wait for liquidity to come back, wait for the chives to cycle back, wait for FOMO to reignite.

Until then, keep your position size light, dream less, and sleep more. #TradfiTradingChallenge $BTC