My phone popup popped up again saying “Drawdown xx%,” and the little red dot flashing there is getting on my nerves… I just realized stop-loss really is like a breakup: you drag it out without admitting it, and the more you look, the more it hurts, and you still have to pay “emotional interest” every day. To be blunt, recognizing the loss in that moment is the hardest part, but once you’ve crossed it, everything feels lighter—at least your mind can move on to other structures.

Recently, everyone has been comparing RWA—especially U.S. Treasury yield—with all kinds of on-chain yield products. I look at it too, but what I care about more is this: does the return come from cash flow, or from subsidies—and when the incentives fade / when things unlock, will it still be able to hold up? Taking a loss and still hardening through it is really betting that you didn’t misread it, not betting on the market… Anyway, I’d rather cut a small loss and leave now, keeping my ammo. That’s it for now.