These past couple of days, I’ve been watching a blockchain game pool, and the order flow is obvious: the number of buy orders hasn't increased, but sell orders are becoming more fragmented and more urgent. Basically, the output is too smooth; everyone is earning things daily and has to find a place to cash out. When the pool depth isn't enough, they can only keep pushing the price down. Inflation isn't just a slogan; in practice, it feels like you're placing buy orders and waiting, and it keeps falling right in your face.

What's even worse is that newcomers aren't here to play; they're here to take over the output. Once the expected returns decline and conversion rates drop, the remaining players will just be more aggressive in selling. Recently, I've heard rumors of increased taxes and tighter compliance in certain regions, which tightens deposit and withdrawal expectations. People are more inclined to cash out first, and the pool can't hold up much longer.

I have one rule myself: if I see output far exceeding actual consumption (level-ups, items, tickets) too often, even if the K-line looks stable, I won't touch it. I first observe whether large orders are secretly withdrawing liquidity… We’ll talk more next time.