In the evening I glanced at the board, and liquidity really is a bit dried up—the depth is so thin it’s like paper. In the past, at times like this I’d always think about catching the bottom, but now I’m actually more afraid to make a move—not because I’m afraid of losing money, but because I’m afraid of losing control. Once your position is driven by emotion, the stop-loss line becomes just a decoration.

Recently, in the community, people have been arguing fiercely about the compliance boundaries for privacy coins and mixers. I personally think the technology itself has no right or wrong, but you do need to pay attention to policy direction. Put simply, staying alive comes before everything else—wait until the depth recovers, then slowly pick it back up. Anyway, my principle is: it’s better to miss out than to be the one who helps others fill liquidity.