Lately, my feeling about watching the market is: when interest rates tighten externally, everyone's risk appetite immediately shrinks, and positions follow suit. No matter how much they shout "long-term optimism" verbally, it’s useless... Basically, survival comes first. My approach is pretty simple: first, reduce leverage and small coin positions to a level I can sleep peacefully with, and keep some cash on hand until emotions stabilize.

By the way, looking at those Layer 2 debates about TPS, fees, and subsidies, they actually resemble a macro environment magnifying glass: when money is loose, subsidies are everywhere, and users and projects dare to push forward; when money is tight, everyone starts questioning "can it really be used, will it scam." Anyway, on my side, no matter which chain I go to, the first thing I do is review the authorization permissions. If I see unlimited permissions, I get itchy to revoke them. It’s even more painful if the price drops later and they get drained without my consent.