Lately, watching the market feels a bit like checking the weather forecast: as soon as there's a hint of movement in interest rates, risk appetite shifts accordingly, and on-chain liquidity also "shrinks," a quick glance tells me it's not just an illusion... I personally find it more frustrating when I see order books looking quite thick, but when it actually moves, it's full of hidden reefs. AI agents/auto trading are also quite lively; while the narrative-spinning voices are loud, many of those actually interacting on-chain are really struggling with security and routing details.

To put it simply, macro transmission to positions, I care more about "how much uncertainty I'm willing to bear": when interest rates are high and capital costs are expensive, the market becomes more selective, and leverage and long-tail assets tend to be squeezed out first. I prefer to split my positions into smaller pieces, willing to earn less rather than have slippage and liquidity drain away. I also look at automated trading tools, but I default to considering them unreliable: permissions, signatures, which routing to use, how to handle congestion... these are much more important than whether they are "smart." Play it safe; anyway, once the boat capsizes, you'll remember it for a long time.