Recently, people keep asking, "Can on-chain privacy really hide things?" I think ordinary users should lower their expectations first: on-chain is an open ledger, to be honest, you're not invisible, you're just making it a bit harder to link things together. The compliance line is also very realistic—exchanges' deposits and withdrawals, fiat on-ramps, KYC, layer by layer, all there. When it comes to tracing, the sense of anonymity can instantly diminish.

I personally have the same obsessive-compulsive disorder when looking at perpetual market data—seeing the fee rate/OI makes me want to find out "who's secretly jumping in." But no matter how much you try to hide on-chain, you'll eventually reveal yourself at some point. Recently, the staking unlocks and token unlock calendar have been brought up again, which is quite alarming. Actually, many of the anxieties aren't about the selling pressure itself but about everyone being afraid of "being exposed, unable to escape."

I'm not regretful about the outcome, but about thinking tools could bear the risks for me back then. Anyway, my approach is: don't treat privacy as a talisman, don't hold positions stubbornly, keep an escape route, and start with that.