Liquidity on the market has been getting thinner and thinner lately. Sitting in a pool watching the order book feels like watching an ECG—the prices jump that fast. The order book depth is in a truly miserable state: even a slightly larger order can consume the liquidity and immediately pull the bid-ask spread wider. But instead, those who shout every day about “buying the dip” and “greed” are actually moving their on-chain “u” out of their own wallets. Anyway, for now I’d rather keep a bit more “u” on hand—I’m even not too willing to open a big position just to cover gas fees. A liquidity crisis is like a water pipe: when it breaks, don’t assume you can hold up. Those few tokens with upcoming staking unlocks have been getting stirred up by sell-pressure anxiety—just look at how tightly packed the unlock dates are on the calendar. Who, purely by guesswork, could possibly absorb that dump? Let’s make it through first.