Today, the traffic was a bit frustrating, and I only remembered to check the market after my coffee had cooled down halfway. Honestly, many of the recent fluctuations I’ve been attributing to "interest rate sentiment": when interest rates are higher, everyone prefers to hold cash and wait; risk appetite shrinks, and positions naturally lighten; when interest rates ease a bit, confidence returns, and the on-chain activity also picks up.

I also look at ETF capital flow analysis, but I don’t dare to treat it as a steering wheel, because once public opinion gets carried away, they like to link the US stocks and crypto together, talking as if they are inevitably correlated... but actually, it’s more about emotional contagion. My approach is still relatively slow: continue pledging and re-pledging the core, diversify the entrusted positions as much as possible, and keep some flexible positions to handle sudden "change in wind." Don’t sleep too soundly—just a slash and you’ll wake up.