Recently, I've been paying less attention to the market, and more thinking about how to tighten people's mindset around interest rates: when interest rates are high, everyone prefers to hold cash and wait for opportunities, so positions naturally shrink, even if the on-chain activity looks lively, it’s easy to get a cold shower. To put it simply, when risk appetite contracts, the first to be cut are those "it can still go up" fantasy positions.

These days, that mainstream chain is about to upgrade/maintain, and the group is starting to speculate whether projects will move away... I actually think whether they migrate or not isn't important; what's important is that once this uncertainty arises, everyone's first reaction is to reduce positions and watch cautiously. No matter how cheap Gas is, it can't stop the cautious mood. Anyway, before increasing my position now, I always ask myself: is this wave because the logic has improved, or just because everyone is more daring? If it's the latter, then forget it.