After staring at the market during night shifts for a long time, I really feel that when the macro side tightens, the sentiment on the crypto side also shrinks accordingly. When interest rates are high, everyone prefers to hold cash and wait for "certainty." The most obvious sign on the perpetual side is: fewer people chasing the rally, positions are generally lighter, and funding rates are less one-sided. Conversely, as soon as there are expectations of rate cuts, risk appetite returns, and leverage seems to be secretly turned up by someone, with positions quietly piling up, making both gains and losses more volatile.

I personally follow a disciplined approach: when macro is hawkish, I sleep less and stay less impulsive, reduce positions, tighten stop-losses, and avoid holding if I can. By the way, I want to complain that hardware wallets are out of stock lately, and phishing links are everywhere... The more uncertain the market, the easier it is to be tempted by "airdrop subsidies." Forget it, I’d rather miss out than give away my private keys. When my emotions rise, I go wash my face, then come back to review the risk control sheet.