Suddenly realized something: unrealized losses and unrealized gains don’t actually affect the pacing of my long-term staggered accumulation. But when I wake up in the middle of the night and scroll the charts, a naked unrealized loss makes it so much harder to sleep than an unrealized gain ever does. It’s not that you can’t think it through and therefore can’t sleep well—what keeps you up is that dull ache, which has nothing to do with the market dropping a few thousand points. It’s just human instinct at work: losing makes you feel threatened, while winning at best feels like a reward. Now on-chain “debt-like” products, RWA, and even Treasury yields are being compared by big names to traditional returns. To put it plainly, if you swap the two words “unrealized loss” for “annualized yield,” that stone in everyone’s heart will feel a bit lighter—but for someone like me who adds to positions slowly, like feeding a fire with firewood, it’s really not much different. In any case, don’t wrestle with yourself.