Looking at the on-chain data these past two days, liquidity really has gotten a bit dry. The depth in the pools is getting shallower, and trades are also pretty sparse. Everyone is shouting, “The opportunity to buy the dip is here,” but I can’t shake the feeling that when the water surface is as calm as dead water, the first thing you should think about isn’t how to catch fish—it’s how not to fall in.

Hardware wallets have been sold out recently too, which is actually a good thing—at least it means people’s security awareness has increased. But on the other hand, there are also especially many phishing links. Just these past two days, I’ve seen several people’s addresses get cleared. I feel bad for them, but honestly: don’t click links at random, and don’t screenshot your private key. This same old advice gets ignored every year.

Anyway, my thoughts are simple right now: first, stay alive—don’t put yourself on the line when liquidity dries up. Once the ice starts cracking and the fish can move again, then we’ll talk. When the river is frozen, the fish can just stay tucked in for now.