These days, I've been drinking tea and watching TVL again, feeling that the macro transmission is quite direct: when interest rates go up, everyone's risk appetite shrinks, and positions shift from "want to make quick money" to "don't die first." Honestly, it's not that people have suddenly become more rational; it's just that the cost of capital is higher, and the pain of drawdowns is greater, so the psychology automatically tightens.

On-chain activity has always been lively, with miners/validators' income, MEV, and ordering fairness being quite real complaints from retail investors: you think you're trading, but actually you're working for others... Anyway, my current approach is a bit simpler: layered positions, and if I really want to add, I wait until my emotions cool down before doing so. We'll talk again next time.