When liquidity dries up, don’t rush to buy the dip. Lately I’ve seen a lot of on-chain projects’ TVL fall off a cliff, and that actually made me feel more at ease—I’ll keep some U in hand; staying at the table matters most. Don’t listen to other people saying “hold long term.” My own definition of “long term” is actually pretty short: just one quarter. Only if you can last through three months without being forced to sell counts as truly holding up. Recently, news about higher taxes in a certain region has been getting tighter, and expectations around deposits and withdrawals aren’t stable either—ultimately, cash flow decides everything. The real cash flow of an art project matters more than any narrative. Stay alive first; then you have the right to talk about romance.