Last night I almost threw away the seed phrase for my cold wallet as trash. While cleaning the kitchen, my mind was still on whether the sudden spike in on-chain gas was someone front-running... When I snapped back to reality, my hands were ice cold.

Given the current market conditions, everyone knows how dry the liquidity has become. News came out that some place is raising taxes again, and people in the group were busy calculating the cost of depositing and withdrawing funds. But honestly, what’s the point of calculating? The money that was supposed to leave has already left long ago, and those who haven’t left aren’t staying because of the tax rate. To put it bluntly, it’s no longer about whether to buy the dip or not—it’s about first making sure you can still breathe in this game.

I’ve basically cleared out my leverage, only keeping a bit of spot positions. Even if bread gets burnt, you can still eat it; but if your positions get liquidated, there’s no coming back. Let’s just survive first. We’ll deal with the rest later.