These past couple of days, watching the market felt like the oven suddenly lost power: liquidity dried up, buy and sell orders were ridiculously thin, and trying to catch the bottom with a hand outstretched was easily met with slippage and chain liquidations. Honestly, at times like this, surviving is more important. I personally cleared out my leverage, reduced my positions to a level where I can sleep peacefully, and kept an eye on the yield curve and signs of bank runs in lending pools—don’t try to tough it out blindly.

The play-to-earn games recently have been quite typical too: inflation rises + studios keep minting, and when token prices soften, it turns into a spiral, ending with everyone losing liquidity… After watching enough, you realize that “cheap” doesn’t necessarily mean “buyable,” and whether someone is willing to take the other side is the real key. Forget about trying to catch the bottom for now; focus on protecting your positions like dough, so they don’t collapse with a gust of wind.