The more I look into it, the more it feels like interest rates—this whole thing—aren’t as mystical in their impact on crypto as people make them out to be. Once money has a “time cost,” everyone becomes more inclined to hold onto what’s certain, so positions naturally shrink. The on-chain narratives that are propped up purely by emotion are also more likely to collapse. In plain terms: risk appetite drops—survive first, then talk about dreams.

Over the past couple of days, cross-chain bridges have been having more problems, and oracles have reported totally ridiculous prices. In the group, everyone keeps shouting “wait for confirmation”… but I actually get it. When you expect the environment to be tight, you have to discount any uncertainty. You’d rather miss out than step into a trap. My approach is kind of old-school: when interest rates are high and volatility is big, break your positions into smaller pieces. Revoke permissions whenever you can, and if you can avoid cross-chain transfers, then avoid them. Don’t count on the system to follow the script every time.

There are lots of tutorials, but right now I only pay attention to the ones that clearly explain how the worst-case scenario happens—and how you end up dying. Everything else, for now, can wait.