The biggest feeling from watching the market these days is: when the interest rate string tightens, everyone's risk appetite is like being pulled by the back of the neck, and positions unconsciously want to shrink. To put it simply, when you can get some certain returns just by holding money, it's hard for me to justify taking on a bunch of volatility, especially with those "storytelling first" assets.

Recently, there’s been a lot of noise about pledge and shared security, and the compounded returns look very attractive, but the more they stack, the more they resemble a nested doll. I haven't figured out who would cover the losses if something goes wrong... Anyway, I now prefer to split my positions into smaller parts, and avoid locking them too tightly if I can withdraw at any time. Opportunities will come again, and sleeping well is more important.