Recently, looking at on-chain data more and more, I feel that privacy is kind of subtle. On one side, DeFi lending and derivatives pools—TVL looks like it rises and falls—but the underlying fund flows are actually crystal clear if you’re willing to dig. On the other side, regulators are watching too, and only compliance can keep you alive. In any case, as a small retail trader, my trading records are basically like those of a transparent person, and it feels a bit uncomfortable. But if I want to be completely anonymous, I’m also afraid of getting targeted. So forget it—I’ll focus on risk control first, and not rely too much on privacy to protect me.

Speaking of staking unlocks: recently, the unlock nodes on the calendar, and the anxiety about sell pressure, have indeed been brought up repeatedly. It makes me have to watch on-chain net inflows for half a day every time, worried it’s going to be another wave of retail traders getting carried away by emotions.