Recently, I've been looking at NFT liquidity again, and honestly, it's still about whether the floor price can hold up under that limited depth. When the narrative is hot, everyone talks about community, vision, and royalties supporting creators; when it cools down, it’s just about “can I sell it,” with royalties so high that transactions drop off immediately, and the order walls are as thin as paper... I’ve backtested a few times myself, and once the floor is continuously eaten through, the subsequent retracement is basically unreasonable.

By the way, I want to complain that recently, I saw a few large transfers on-chain, and when hot wallets or exchange wallets move, the comment section immediately starts saying “smart money is here.” Now, seeing this only makes me more anxious: it could be a strategic layout, or it could just be moving or market-making rebalancing. Anyway, I’d rather miss out than be dragged along by this sentiment. Tonight, I’ll run the correlation matrix again to see if I’ve been biased by the narrative.