These past two days, some people have been linking ETF fund flows, U.S. stock market risk appetite, and the ups and downs in the crypto space together to interpret them. I’ll look too, but honestly, what affects my sleep the most isn’t these stories—it’s the little unrealized losses in my account. When I’m showing unrealized gains, my brain is kind of weird: it thinks, “I haven’t cashed it out yet, so it doesn’t really count as mine,” and instead I can stay calm, scroll on my phone for a bit, and then go to sleep. But once I’m in unrealized losses—even if they’re not big—my mind automatically starts imagining, “What if I lose even more?,” and the more I think, the more awake I become.

In plain terms, it’s loss aversion: the pain of losing a bit is far stronger than the pleasure of gaining a bit. Recently, I set myself a simple, “low-tech” rule: before bed, I don’t look at short-term K线 charts; I only watch on-chain fund flows, like checking the weather… If nothing has gotten worse, I won’t go messing around—I’ll review it again tomorrow morning.