Recently, I saw someone using ETF capital flows and U.S. stock market risk appetite to explain crypto price movements, talking like it's a weather forecast... It made me want to cool down a bit. The NFT side is even more obvious; when the narrative heats up, the floor is like a night market stall surrounded, with many wanting to squeeze in; when it cools down, the stall owner is still there, but the passersby are gone, and liquidity suddenly empties. Royalties are also quite awkward; when the market is good, everyone says they support creators, but when the market is bad, they complain you’re “charging too much.” I now only keep what allows me to sleep peacefully. Anyway, the excitement is just that—once you can’t get out, you realize whether you’re holding a story or chips.