These days, I've seen people interpret ETF capital flows, U.S. stock market risk appetite, and crypto market fluctuations as all being tightly linked, which sounds quite lively, but it actually makes me feel a bit colder... To be honest, many times when a chain game pool collapses, it has little to do with macroeconomics; it's just self-destructive. When output exceeds consumption, inflation is like a leak; at first, everyone thinks "Wow, it's there every day," but later it turns into "Why is it becoming less and less valuable the more I dig?" New players can't keep up, and old players leave even faster. Anyway, I no longer believe that narrative of "as long as you get in early, you'll be stable." I only keep positions that let me sleep peacefully and watch slowly.