Lately, the feeling of liquidity exhaustion in the market has returned, with order books so thin they’re like paper, and slippage causing you to get wiped out with just one misstep. Honestly, it’s better to survive first and talk about bottom-fishing later. I’d rather do less now; if I can’t earn from fees, so be it. I don’t want to gamble on that rebound.

The day before yesterday, I set up alerts and limits for a few cross-pool arbitrage spreads. At first, I was pretty anxious, constantly thinking, “Did I miss out?” But after a good sleep, I felt more at ease: if it doesn’t trigger, it’s just the market not giving me a chance; if it does, I follow the rules and take a small bite, no need to get greedy. By the way, the NFT royalty dispute is quite similar—everyone’s fighting over that last bit of liquidity, talking principles but acting honestly… Anyway, I’ll just lower my risk first and wait patiently for the water to come back.