Lately, I've been paying more attention to the interest rate line when watching the market... When interest rates are high, money becomes more selective, and as risk appetite contracts, positions need to be scaled down accordingly, or else volatility will cause the mindset to break first. To put it simply, macro factors may not necessarily determine the direction, but they will decide whether you're willing to hold through the drawdown.

I've also seen new L1/L2 projects offering incentives to boost TVL again. I understand the complaints from old users about "mining, selling, and selling," because liquidity comes quickly and leaves just as fast. The indicators look lively, but the actual chips might be more volatile. My current approach is: I’d rather earn a little less than hold positions I don’t understand, and keep cash waiting for more certain signals.

What I fear most is not slow progress, but chaos: a little delay still allows for planned review, but when things get chaotic, everything depends on emotional trading, and discipline is lost. For now, I’ll stick with this, continue watching audits and data... It’s a bit boring but steady.