These days, I keep reminding myself: slow down. When macro interest rates tighten, risk appetite is like turning a valve down, and in the crypto world, it basically means: deleverage first, altcoins fall first, positions shrink first. Anyway, when liquidity changes, emotions move faster than news.

Seeing the funding rates for spot/derivatives markets reach extremes again, people in the group are arguing whether it's a reversal or just more bubble squeezing. I'm now more inclined to be a bit slower: not guessing the top or bottom, just seeing if I can withstand the pullback. It's better to keep some cash on hand in case liquidity suddenly dries up; even if there are many bright spots, it's easy to get caught in a trap. That's all for now.