The biggest feeling from watching the market these days: when that "interest rate nerve" in macro suddenly twitches, the risk appetite in the crypto world is like being muted by a remote control. To put it simply, when interest rates are higher, everyone is more willing to hold cash/short-term bonds, and positions naturally shrink; when rates loosen a bit, confidence returns, and even someone like me who’s usually stubborn about it gets itchy to add some. But right now, I care more about the rhythm and don’t want to go all-in and then have trouble sleeping.

The modular and DA layer development teams are definitely very excited, but on the user side… it’s a face of “What are you guys talking about,” lively as it is, in the end, it still comes down to whether there are new demands. Otherwise, adding to positions just fuels volatility.

What I fear most isn’t losing money, but losing control: wanting to try a small position but getting carried away by emotions and adding more and more, eventually being led by the market. For now, that’s it—today I’ll just keep an eye on my own hands and not click around randomly.