Lately, I've been watching the NFT market, and it really feels like liquidity is just as unpredictable as mood—gone as soon as it appears. The floor price looks stable, but the order book is actually very thin; a small sweep of a larger order can wipe out the "narrative hype." Royalties are also quite awkward—when they’re high, everyone moves to zero-royalty platforms; when they’re low, the community feels like there’s no income... Anyway, neither side is satisfied.

Some people keep flipping through the token unlock calendar every day, saying it’s putting pressure on selling. I can understand the anxiety—when money gets tight, the first to be cut are often these "uncertain profile pictures." I occasionally see large transfers on the blockchain to a platform, thinking a wave of buying might be coming, but it’s just a change of address... Forget it, lately I prefer watching who’s continuously buying and who’s quietly dumping, rather than listening to anyone tell stories.