Lately I’ve been thinking about a question: why when I’m sitting on an unrealized loss I can’t sleep no matter how I toss and turn, and when I’m up on an unrealized gain I still can’t sleep soundly, afraid it might suddenly reverse. In plain terms, it’s loss aversion at work. That bit of unrealized loss feels like a thorn—stuck in the flesh, impossible to pull out. And unrealized gains feel like holding sand: the harder I try to grip it, the faster it slips away.

Recently, everyone’s been talking about ETF fund flows and how risk appetite in the U.S. stock market affects crypto, and all kinds of interpretations are flying everywhere. But I find it’s actually better to lag a little behind and look more clearly—wait for the red dots on the emotional heat map to cool down, then look back at those sharp swings up and down, and it doesn’t seem quite as frightening.

Anyway, I’d rather move a bit slower and not be pulled along by the market. Getting a good night’s sleep matters more than anything.