Recently, I see everyone using ETF capital flows and US stock risk appetite as "cryptocurrency price movement interpreters," and I feel a mix of amusement and anxiety. To put it simply, when interest rates rise, fewer people are willing to take risks, and positions shift from "able to withstand drawdowns" to "just survive," making on-chain depth immediately appear thin. When routing around it, slippage feels like a knife scraping your face, and the transaction price even puts on a show of "why is the fill so bad."

I am currently reducing leverage, chasing less, and slowly splitting orders, preferring to miss out on a bit rather than becoming a pool subsidy during the hottest emotional moments... Anyway, when the market cools down, the first to be educated are always impulsive traders (like me).