These past two days, liquidity has dried up completely, and the order book is so shallow it’s ridiculous. Don’t even think about bottom-fishing—at least be thankful you don’t get punctured by a single needle first… My habit right now is this: shrink my position to the point where I can sleep at night; if there’s anything I can withdraw on-chain, I do it first; leave a bit of cash and stablecoins as “oxygen,” because there’ll be plenty of opportunities later.

When I was a beginner, I used to think, “If it drops enough, it should rebound,” so the harder it fell, the more I added. In the end, I didn’t wait for the rebound—I kept averaging down and made things go completely wrong for myself. Now I understand it like this: when liquidity isn’t there, price is basically just sentiment plus stampedes. Staying alive matters more than trying to guess the bottom.

Some people also talk about rate-cut expectations, the U.S. dollar index moving in sync with risk assets—up and down together. To be blunt, everyone is staring at the same switch. Don’t force it before the light turns on. As for me, I’ll follow steps that can be reproduced: if I can calculate the costs clearly, I act; if I can’t, I treat it as if I never saw it. That’s how I’m doing it for now.