Over the past couple of days, I’ve been stuck on whether to reduce my position by a bit more. To put it plainly, once interest rates start twisting upward, risk appetite is like the air has been sucked out of the room—right away, that “charge in first and deal with it later” drive in the crypto world shrinks fast. And what I, as a lending/borrowing player, fear most is that utilization rate suddenly spikes, and borrowing interest rates come at you with a sudden stab. The more I look at it, the more glaring and sharp the liquidation line feels. Last week, I even went out of my way to split the part of my collateral that has high correlation—better to earn a little less than to have a resonance wave sweep me away. As for the recent stuff like social mining and fan tokens, they look pretty lively, but attention is too fickle. If you really treat them like “mines,” once the macro winds shift, things could turn against you—possibly even before interest rates do… In any case, I’ll steady myself for now; being able to sleep at night matters more.