Recently, I see everyone starting to get excited again, so I want to pour some cold water: interest rates are not on the chain, but they will push money from "willing to take risks" back to "prioritize safety first." To put it simply, when interest rates are high, even holding cash outside can let you sleep peacefully; meanwhile, you're still fully invested chasing gains, just waiting for a shift in sentiment to sweep you out.

Actually, position size is like a thermometer for risk appetite: when the environment is tight, you should reduce your holdings and tighten stop-losses; when the environment loosens, you can play around, but don’t mistake "good liquidity" for "I won’t lose." Anyway, whenever I see the market heat up, I first ask myself: is this macro giving us confidence, or is it just illusions from the group?

By the way, the NFT royalty debate is quite similar: everyone wants returns, everyone wants liquidity, but in the end, no one really holds steady. Don’t pretend to be idealistic—make sure you leave the exit door open.