I just stared at the floor price of a certain blue-chip—it's dropped to a level I wouldn’t have dared to imagine even half a year ago. You say it’s “cold,” but the fragmented trading volume is still there, and below the floor price there are people posting buy orders to catch it. Put simply, NFT liquidity right now isn’t propped up by “consensus”—it’s held together by the “just in case” in people’s hearts: just in case this project can still pull through.

Royalty fees were slashed from 5% to 0.5%, and the project team doesn’t even bother to dress it up. In the past, the community talked about narratives and utility—now whoever believes it is a fool. It’s even more obvious in chain games: once the inflation model breaks, studios run faster than retail traders; the coin price spirals downward, and all that’s left are the bag-holders waiting for a “reversal.”

What I learned isn’t a technique—it’s this: when emotions are at extremes, what the market gives you isn’t an opportunity, it’s a mirror. Whether you’re seeing greed or fear depends on how much ammunition your own wallet still has. Don’t fool yourself.