Lately, I've been looking into re-staking/sharing security again. Basically, it's about taking "security" and reusing it, along with the profits... It sounds pretty good, but for someone like me who’s always a step behind, the more I look, the more I fear I’m not gaining profits but hallucinations. If the source of returns is the same wave of sentiment + the same pile of collateral, then when something goes wrong, it’s likely everyone will collapse together. Don’t be fooled into thinking “one more layer” makes it “more stable.”

These days, some people are also explaining crypto price fluctuations by combining ETF capital flows, US stock risk appetite, all in one pot. I also find it overwhelming… Capital rotation can indeed be observed, but using macro as a universal key is a bit like mysticism. Anyway, I only dare to try small positions now. When I see big players withdraw quickly on-chain, I follow suit and shrink.

My friend also complained about me: “You look at so many addresses moving back and forth, like watching delivery rider maps…” I said at least with food delivery, you can chase after a late order, but on-chain explosions, who do you chase after? Let’s leave it at that for now.