Over the past couple of days, I’ve been watching the NFT order book—the floor feels like someone’s pulled the chair out from under you: there are a bunch of listings, but hardly any real trades. Royalties are also kind of awkward. If you collect them, trading gets even quieter; if you don’t, the community keeps shouting, “There’s no narrative anymore.” To put it plainly, liquidity is just an emotion amplifier: when things are hot, stories can prop up prices, but when it’s cold, even profile pictures feel like they’re extra. On the macro side, people are talking about rate-cut expectations and the US dollar index—risk assets rising and falling together. NFTs feel more like a ride you catch when the wind’s blowing; when the wind stops, they just sit there and stare. After setting alerts and placing limit orders for a few floor levels, my heartbeats actually calmed down. I don’t have to keep staring at the candlesticks, and I’m not afraid of impulsively rushing in with market orders… For now, that’s it—whether it gets filled is a matter of luck.