Lately, liquidity has dried up, and many people are still asking "Can we buy the dip?" My only thought is: survive first, then talk. Honestly, when there's no liquidity, prices move as if walking on thin ice. You think it's a bottom, but actually no one is willing to buy, and a small step can cause a collapse. The token model is the same; normally, the unlocking curve looks smooth, but during the shrinking phase, the release equals selling pressure, like a leaky bucket—no matter how much you add, it's never enough.

Recently, I've been discussing social mining, fan tokens, "attention is mining." It sounds great, but attention is too fleeting; emotions can turn and pull out at any moment. If you treat it as a substitute for liquidity, in the end, you'll probably just be left with a bunch of unlocks waiting to be dumped. My approach is very simple: reduce positions, keep more cash on hand, only invest in projects with clear incentives and exit strategies I can explain, and I'd rather miss out than be starved by liquidity. That's all for now.