The biggest feeling I've had from watching the market these past few days is: when interest rates tighten, everyone's risk appetite immediately shrinks, and on-chain you can see positions shift from "willing to take a gamble" to "just trying to stay alive." To put it simply, it's not that I suddenly understand something new, but that the cost of capital has become more expensive. Holding high-volatility assets makes it hard to sleep, so people will first reduce leverage and shrink their positions. Once the sentiment stabilizes, they'll slowly add back.

By the way, over in Layer 2, people are starting to compare TPS, fees, and subsidies, and it's getting quite lively. But what I care more about is: even with aggressive subsidies at this time, it's very difficult to force the overall market risk appetite back up... Anyway, I’m mainly watching whether on-chain liquidity flows back. If it doesn’t, I’ll hold back on adding more. That’s the plan for now.