I just saw a pop-up on my phone saying "Interest rate expectations have changed again," and as soon as the red dot lit up, my first reaction wasn't to look at the candlestick chart, but to pull up my positions and curse: your risk appetite is way too fragile... Basically, when interest rates go up, money becomes more selective. The first to be cut are those positions "held up by emotions." Even if on-chain activity is lively, it’s easy to treat them as high-volatility assets and sell them all together.

I'm pretty old-fashioned now: when macro conditions are unstable, I reduce leverage, avoid stocks that require a continuous bullish belief, and keep some liquidity that can be withdrawn at any time. Then I casually check if contract permissions or proxies can be easily modified, so that when the market shakes, project teams don’t just upgrade or blacklist, leaving retail investors with no chance to escape. Recently, there’s been talk about miner/validator income and fair MEV ordering... In such times, I think "what number are you in line" might matter more than "what did you buy." Anyway, I’d rather go slow than gamble on always being able to get the fairest trade.