These days, I pay more attention to macroeconomics than to candlestick charts... When interest rates rise, risk appetite is like being unplugged; no matter how lively the on-chain activity is, people will withdraw first. To put it simply, my position is not based on "optimism," but on "how long can I hold out": first turn off leverage, keep some cash, and slowly add back once the sentiment stabilizes.

Some people also complain that on-chain data tools and tagging systems are lagging and easy to mislead. I also feel the same, especially after restructuring, many statistics have become distorted. Anyway, my approach is like applying patches: I don't expect to fix everything at once, I pause, verify, and then make small adjustments to block risk points, so I feel more at ease.