Just woke up and checked the market, and it feels like macro stuff is really a "slow knife." When interest rates tighten, everyone is still talking about value, but their actions are already honest: leverage first shrinks, positions lighten first, risk appetite seems to be vacuumed out—any slight breeze or movement makes them want to cut losses. Conversely, when things loosen a bit, emotions start seeking stimulation, even I, who am most afraid of chain reactions, can't help but stare a little longer at liquidation prices... Honestly, it's not about being bullish or bearish, but about whether I can withstand the volatility.

Recently, the testnet incentives and points system are heating up again, and in the group, people are guessing every day whether the mainnet will issue tokens or not. It sounds like a fairy tale told at high interest rates: expectations are definitely attractive, but once liquidity tightens, the first to be cut are those who "get on board first and ask questions later." My current principle is: if I can use spot, I avoid futures; if I can use small positions, I avoid full positions; I won't let macroeconomic throttle blow my raincoat away.