The feeling of "no market but with price" has returned in the recent trading sessions, with orders so thin they look like paper, and a slight push causes slippage. When liquidity dries up, I usually don't think about bottom-fishing; I focus on surviving first: reduce my position, avoid leverage altogether, keep what can be seen on the chain, and stay in cash for the uncertain, accepting that I might miss out.

Recently, everyone has been comparing RWA, US bond yields, and on-chain yield products. I’ve looked at it too, but honestly, even if the returns look good at such times, if the underlying liquidity isn't enough and you can't withdraw when you want, it becomes awkward... Looking in the mirror makes it clearer: those chasing the light are getting more anxious, while in the shadows, the big players are slowly shifting. What about you?