When liquidity dries up, many people’s first reaction is still “buy the dip, all the way down,” but I kinda want to vent: if you can’t even afford the next gas fee, what are you buying… Can you just survive first? Lately, everyone’s been putting RWA, various US Treasury bond yields, and on-chain yield products side by side for comparison, and I can’t help feeling it’s a bit too idealized. That on-chain “yield” is sometimes just a liquidity mirage—when it’s crowded, you can get in, but if you really need to leave, you might not be able to get out. Anyway, my approach right now is pretty timid: I reduce my position size, I touch fewer things that aren’t deep enough, and I’d rather miss out than stubbornly hold on. Watching the charts until your eyes ache, your neck turns stiff—every time I look, I get that urge to add to my position. Basically, it’s a signal that I should turn off my phone. That’s it for now.