The recent market feeling of "looking like it hasn't really dropped, but there's just no momentum" is back again. When liquidity dries up, the idea of bottom fishing sounds quite luxurious. To put it simply, survive first: don't over-allocate your positions, don't put all your stablecoins into chasing that small interest spread, and I will pay attention to large on-chain inflows and outflows as early warning signs, without rushing to draw conclusions.

Recently, everyone has been interpreting ETF capital flows, US stock risk appetite, and crypto price movements together, which sounds lively. But when it comes to actually taking action, the correlation often "becomes clear only in hindsight." What I care more about now is: can I withdraw at any time, and when I do, will slippage choke me? Anyway, it's best to clearly define the risk boundaries first; the bottom can be slowly waited for.