Looking back on many things, it all suddenly makes sense. In a bull market, the most dangerous thing isn’t the drop, but rather 'thinking there’s no risk.' The real big traps usually appear when: - Sideways trading + positive narratives - Volatility is suppressed - Community sentiment is stable - A unanimous expectation of 'long-term bullish' At this point: / Leverage starts piling up / Liquidity becomes concentrated Any single point of failure = domino effect High FDV / High VC share / Complex token models Essentially = You’re paying for someone else’s advantage.