Just now I saw someone again tying together ETF capital flows, U.S. stock risk appetite, and crypto market rises and falls into a single interpretation, it sounds quite lively, but honestly, the biggest fear in times like this is "liquidity drying up." The order book is as thin as paper, trying to buy the dip and step in, but before the rebound arrives, you're hit with slippage and panic selling... I now have one principle: survive first, reduce positions, avoid leverage, and save some bullets to wait until someone actually takes the bait. Anyway, in the deep sea, whether there's light or not, don’t use up the oxygen first.