Recently, when I look at the market, I tend to focus on the interest rate line first. When interest rates go up, everyone's risk appetite shrinks. The first on-chain reactions are gas prices fluctuating wildly, more cancellations and price changes in the mempool, like dark clouds pressing over in a weather radar. To put it simply, my position also becomes more cautious: it's not that I think something will happen, but I don't want to endure the pain when liquidity thins out.

The collapse of the blockchain gaming sector actually resembles macro transmission: once inflation kicks in, studios get caught up, and the token prices drop, it all spirals out of control. In the end, it's not about whether to play or not, but whether you can get out. My biggest fear isn't losing money, but losing control—when you clearly see the risk coming, but because of your position/leverage/emotional state being stuck, your hands and feet become unresponsive. Anyway, I now prefer to earn less rather than leave myself with a button to turn things around.