These past few days, I’ve lowered my expectations again, and surprisingly, I feel much more relaxed. When the string of interest rates is still hanging there, honestly, the market’s courage is small; when risk appetite shrinks, even with “faith” in positions, reality can hold you down. I used to always want to catch the full wave, but now it’s more like: as long as I can survive until the emotions return, that’s enough.

In the group, there’s repeated talk about stablecoin regulation, reserve audits, and various rumors of “de-pegging”… Every time this kind of chart appears, everyone’s hands start to shake. My current approach is pretty simple: borrow less leverage, keep some cash on hand, so if there’s any sudden movement, I won’t be forced to cut. Anyway, narratives are contagious, panic is contagious too—best not to get infected and get liquidated.