Lately, the feeling of "water level receding" in the market has returned, with orders so thin like a layer of foam by the seaside, ready to be swept away with a single hit. To put it plainly, when liquidity dries up, my first thought is not to buy the dip, but to survive: don't hold positions stubbornly, don't over-leverage, keep some bullets and a calm mindset.

The community is again arguing about privacy coins, mixing coins—whether it's self-protection or crossing the line. I don't have a conclusion either, I just feel that once the boundary turns into emotional confrontation, it's easiest to push people into impulsive actions. Anyway, my "backup" for myself is redundancy: keep more cash, leave an extra escape route, don't place all hopes on a single entry point. Tides will always come back, but just don't get drained first.