These past few days, my biggest feeling about the market is still the old problem: when interest rates don't loosen, risk appetite is hard to truly pick up. To put it simply, the macro side's phrase "still need to watch the data" translates here to everyone being more willing to hold cash, leverage less, and therefore reduce their positions; otherwise, volatility can easily cause trouble for oneself.

My current approach is quite boring: first set a risk budget, then rebalance slightly within the range, sell a little when it rises, buy a little when it falls, don't expect to get the right direction in one shot. The on-chain data tools/tags have recently been criticized for lagging and being misleading, so I just take them as references, not as evidence… Anyway, ultimately, position discipline is the lifesaver.