Last night before bed, I checked the market for a bit. Actually, what affects my hands the most isn't who’s shouting loudly in the group, but the "thermometer" of interest rates. When interest rates are high, everyone's risk appetite is like being tightened, and positions naturally shrink, preferring to keep some bullets in reserve for when emotions warm up again; when rates loosen a bit, only then do people dare to extend the story, and the market on-chain also becomes lively.

Recently, the set of pledge/share security being criticized as a "copycat" I can understand. The compounded returns sound like converting future confidence into today's digital... But once the macro trend shifts and the discount rate rises, the first to suffer are these structures that rely most on emotional endurance. Anyway, I’m now more concerned about whether cash flow can withstand volatility, so I won’t fill my positions too much for now.