Lately, I've been watching the on-chain fund flows, and it really has a feel of "liquidity exhaustion": the order books are as thin as paper, easily slipping with a slight push, making it easy to get caught in a trap while trying to buy the dip. Honestly, let's just focus on surviving first, and not rush to be a hero.

The new L1/L2s are also offering incentives to boost TVL, and I can understand the old users' complaints about "mining, selling, and dumping"... The address relationship graph becomes quite obvious once you pull it up, with a string of miner addresses coming in, withdrawing, then redistributing, and the remaining bagholders still think it's hot. Anyway, my current approach is to give myself a "patch": keep positions small and manageable, do less high-frequency trading, avoid leverage if possible, and hold some cash for opportunities. The market doesn't show mercy; I’d rather keep myself alive first.