Lately, there's been talk about when interest rates will drop again. My gut feeling is: when interest rates are high, everyone's risk appetite shrinks, on-chain lending spreads will first become unattractive, and positions with insufficient collateralization are easily "wiped out" by "emotional swings." Simply put, macro transmission to crypto doesn't first affect the coin price; it first affects whether you can withstand the volatility and whether you can keep going.

The attention shifts between Meme hype and celebrity calls are the same. It's lively, but many newcomers are really just catching the last wave... My current habit is: prefer smaller positions, thicker collateral buffers, keep liquidation thresholds far from me, and accept smaller profits so I can sleep peacefully. Long-term success isn't about talent; anyway, I rely on these old habits to get by.