Recently I整理 wallet(s) and found I’ve crossed five or six chains. Just remembering what assets are on which chain is a bit of a headache. To be honest, asset fragmentation is more annoying than I imagined—not a technical problem, but a mindset problem. You constantly have to switch perspectives, and as a result it’s easier to miss the bigger picture.

Recently I saw ETF fund flows and U.S. stock risk appetite being interpreted together, which was kind of interesting. It seems like the whole market is desperately searching for “certainty,” but liquidity on-chain and off-chain is actually running on its own tracks. I don’t know whether that’s a good thing, but it feels like it’s harder to judge investment cycles than before.

In the end, I still think complexity is the biggest enemy. If we can keep it simple, we should keep it as simple as possible. That’s all for now.