These past couple of days I’ve been flipping NFT projects, and it really feels like liquidity is basically tied to the floor: the moment the floor loosens, bids thin out instantly, and even if you want to switch your profile picture you have to queue up and wait for someone to take it. Royalties are even more awkward—when the narrative is hot, everyone pretends not to notice; when it cools down, they start counting whether those few percentage points are actually worth it. In the end, the market automatically pushes trades into the places where you “try to avoid it if you can.”

When I’m watching the market now, I can’t be bothered to listen to long stories either. I check first whether on-chain trades are continuous and whether the same batch of addresses keeps bouncing back and forth—so it’s not just lively, but actually liquid. On the spot/derivatives side, when funding rates get extreme, people in the group either argue about reversing or keep squeezing the bubble; honestly, NFTs are pretty much the same. When emotions run high, the floor gets propped up—when emotions fade, the floor feels like it was never welded in place. Anyway, I’d rather make fewer moves: when placing orders, I keep nonce under control, so I don’t end up getting myself stuck after spending half a day changing prices.