Last night, just after 1 a.m., I was browsing NFTs—watching the floor move down one grid at a time, my mindset as tight as if I were watching margin. To put it bluntly, liquidity is just “whether someone’s going to take it.” When the community narrative is hot, everyone says royalties are a matter of faith; when it cools, they start blaming transaction costs and then quickly run to places with zero royalties. Anyway, now that I see the words “the floor is stable,” I just want to laugh—what’s stable is the sentiment, but what isn’t is the orders.

The group is still circulating talk about stablecoin regulation, reserve audits, and de-pegging rumors; the more they pass it around, the more anxious everyone gets. This NFT market feels more like a group sneeze: when the overall market shakes, the floor is the first thing to cough. My approach is pretty old-school: don’t go all-in, layer your orders, and even if the narrative heats up again, think about an exit route first—so the liquidation alarm doesn’t ring again.