Recently, I’ve been trying to understand why every time we talk about interest rates, the group starts asking “Should we reduce our positions”… Basically, when money gets more expensive, everyone’s risk appetite shrinks, and positions that were once bold are subconsciously trimmed. Conversely, when the mood loosens, everyone’s enthusiasm skyrockets, and the on-chain activity also heats up.

Last night, I stopped during my run to check the on-chain data and saw an address just bridged a bunch of stablecoins from L2 back to the mainnet, probably afraid of a sudden big wave and wanting to withdraw at any moment. Then I looked at the funding rates again, which were extreme, and the community was arguing like a market stall: is it a reversal or just more bubble squeezing… I’m feeling pretty cautious now, preferring to keep my positions lighter, mainly to avoid being caught off guard by a “macro comment,” and just focus on staying alive for now.