These days, the "calm" in the market actually makes me more nervous. When liquidity dries up, it looks cheap on the chart, but in reality, no one is willing to buy. If it really crashes, it will be hard to even run away. To put it simply, focus on surviving first before talking about bottom fishing: don't hold positions stubbornly, keep some cash (or stablecoins) reserved, turn off leverage that can keep you awake, and resist the impulse of "I'll add once more."

Recently, I've seen everyone compare RWA, U.S. Treasury yields, and various on-chain yield products together. I also look at them, but I don't dare to just stare at that number. On-chain yields are often just a "subsidy" from liquidity; once the subsidy is gone, only volatility and exit costs remain. Gradually building positions is fine, as long as you still have bullets; even if the market doesn't give you dignity, you must leave a backup plan. That's all for now.