These past few days, that feeling of "looking pretty stable, but actually stepping in and there's no water" has returned.

When liquidity dries up, the idea of bottom-fishing is basically trading your life for emotional value: placing orders, only to be pierced by a needle, missing the rebound, and taking all the fall.

My current narrative map is very simple: first, confirm who is still continuously buying, and who is just talking the talk; if trading volume doesn't match, don't expect the "market will give you dignity."
On the macro side, they're talking about rate cut expectations, the US dollar index, and risk assets rising and falling together—basically, everyone is uncertain, and when emotions shift, they all pull back collectively.

Just survive for now, keep your positions light, avoid leverage, and don't chase narratives with the hype.
There are plenty of opportunities when liquidity returns.
Anyway, I’d rather miss out on some chances than thrash around in a pool with no water.