I just checked my own market-making records, and I honestly feel that AMM looks simple, but once you play it, it’s all about the details. Recently I put a bit of position into a small pool, and I’ve been watching the curve’s fluctuations every day. Sometimes it looks like it went up, but when I do the numbers, it turns out I’m actually losing—that’s impermanent loss.

Put simply, when price volatility is high, the small amount of trading fees you earn can’t make up for the losses on your books. My current approach is to enter in batches. I don’t expect to get everything figured out in one go; I gradually adjust my position size, and I use time to smooth out the costs—trading time for space to level out my cost basis.

Recently I’ve been seeing a lot of people discuss ETF fund flows alongside U.S. stock risk appetite, and they talk about how crypto follows the macro. But I personally think that actually shows the market is becoming more mature. Anyway, I can’t really make sense of short-term volatility, so I’ll stick to my own strategy, don’t be too greedy, and don’t panic too much.

Forget it—let’s leave it like this. I’ll keep watching the charts.