I used to be quite superstitious about "holding on," but I realized that the biggest factor affecting sleep isn't the unrealized gains, but the floating losses that hang there. Clearly, the losses haven't been realized, but my mind automatically treats them as "already lost," constantly calculating how much it needs to rise to break even... Unrealized gains are actually more weightless; a small pullback makes me feel like "I never really made money," and my mental ledger feels very unfair.

Now I force myself to look at colder on-chain data: Is the TVL dropping, are the active addresses real people or studios, is the protocol revenue keeping up. Especially with on-chain games, when inflation kicks in, studios leave, and the token price spirals downward, unrealized losses shift from "tolerate it" to "the fundamentals have changed." To put it simply, stop-loss isn't about making money; it's about being able to sleep. Anyway, I now prefer to earn a little less than to stare at the K-line and zone out at 3 a.m.