The biggest feeling from watching the market these days isn’t “where can I catch the bottom,” but that when liquidity dries up, every piece of logic has to step aside for survival first. When the spread widens and slippage becomes visibly obvious, I just assume I’m reacting a half step late—better to make a little less than to get skewered and blown out by a single needle through my position. In plain terms, do the position sizing, leverage, and stop-losses according to the plan first; live through it, then talk about opportunities.

The group chat is also kind of interesting: on one side, people are chatting about RWA, and on the other, they’re comparing on-chain “stable yield” products with U.S. Treasury yields. The vibe is a bit anxious, but still fairly restrained. My approach is simple—treat “yield” as a byproduct, write out the “exit path” clearly, keep enough cash on hand, and leave the rest to fate. After all, when liquidity is exhausted, the most expensive thing isn’t the fee—it’s impulsiveness.