These past couple of days, I've been staring at the market so much that I feel a bit numb, and instead I've been thinking about how that macro narrative actually gets transmitted to someone with a small position like mine: when interest rates are high, people prefer to hold cash/short-term bonds and other "certainty"; when risk appetite shrinks, even if the on-chain activity is lively, it will be seen as a rebound first. I tend to unconsciously reduce leverage and hold more stablecoins during these times. Conversely, whenever I hear a potential dovish shift, my emotions are like... again, like... a balloon suddenly being let go, itching to add some positions, but I now ask myself first: am I chasing emotions?

By the way, a quick rant: those recent large on-chain transfers and hot/cold wallet movements on exchanges being interpreted as "smart money"—just look at it, the information gap is real, but I’m more afraid of mistaking others’ actions for divine instructions. Anyway, the most important thing is to break down my positions into smaller parts so I can sleep well.