This morning, I watched the waves roll back wave after wave, and suddenly I thought that positions are also driven by "interest rates" in the same way. When interest rates are high, everyone's nerves will be tense, and money prefers to stay in seemingly stable places. The crypto circle tends to become more cautious, and even I instinctively reduce my positions, preferring to miss out rather than get pierced by a single needle.

Recently, I've been discussing RWA, comparing U.S. Treasury yields with various on-chain yield products. Basically, it's about "which one makes people sleep better while earning passively." My current conclusion: don't be hypnotized by the annualized rate on the screen. When macro conditions change, risk appetite shifts first, and positions should be scaled down accordingly. Living is more important than betting on the right move.