Hey, I’ve been obsessing over a few losing positions lately, tossing and turning and can’t sleep. When you’re in an unrealized loss, even if you’re only down 5%, it’s more anxiety-inducing than being up 20%. To put it plainly, you’re afraid it will really dump, and you’re also afraid you’ll sell too early and miss the move.

I wrote down one line in my notes: **The people who mine, extract, and sell fear the fact that it went up more than they fear losing money.**

Everyone who’s been around knows the usual incentive play for new L1/L2s: dig up, withdraw, cash out, then run away. The TVL goes up, but the coin price goes down. The reason unrealized losses torture people isn’t that they’re afraid of losing money—it’s that they’re afraid it stops being your cost anchor.