It’s kind of interesting—over the past couple of days, people have been chatting about ETF fund flows alongside U.S. stock sentiment, and many are starting to feel anxious again. To put it plainly, position management boils down to one sentence: don’t pile all your money into a single logic tied to price going up or down. For example, if you buy BTC and also buy ETH, that doesn’t count as diversification, because their price movements are basically linked. Real diversification is making sure the “risk labels” of different assets are not the same—for instance, spot holdings + DeFi yield + stablecoin investment products. Even if one piece goes under, the impact on the others is limited.

My roommate was telling me the other day that “going all-in is faith,” but today he looks deflated and says, “faith is too expensive.” Forget it—I don’t even dare to look at his position. As for my own principle: before entering, figure out your exit route first; add to your position in a steady rhythm; and if you need to withdraw, don’t hesitate. That’s it for now—slow and steady is better than anything.