Interest rates, to put it simply, are about pricing "risk." When interest rates are high, money earns returns even while sitting idle, so everyone's risk appetite shrinks. On the blockchain, the first thing often felt isn't the token price, but the thinning of leverage: as borrowing rates rise and margins tighten, chain reactions of stop-losses and liquidations become more easily triggered by even small fluctuations.

Recently, there's been a lot of narratives about AI agents engaging in automated trading and on-chain interactions. It looks lively, but when macro conditions tighten, the first to blow up are often the permissions and risk controls behind these "automations": confiscation of authorizations, unreviewed contracts, rigid strategies—when things go south, they become accelerators. Anyway, I don't predict tops or bottoms; I treat my positions as a shadow of interest rates—don't go all-in, leave some breathing room. What about you?