These past couple of days, analyzing the market isn't really mysterious; frankly, it's still the interest rate that’s pulling on risk appetite. When interest rates are high and money has returns, everyone becomes more selective, and leverage positions naturally shrink; once there's an expectation of interest rate easing, only then do people dare to slightly expand their positions. But I usually only dare to add slowly—I’d rather miss out than get kicked off the train by a macro shock.

In the group, there's again talk about stablecoin regulation, reserve audits, and various rumors of "de-anchoring," which I find a bit annoying. Every time these sentiments rise, the most likely outcome isn't a real chain explosion, but people’s own recklessness: using opaque stablecoins for high leverage, stacking protocol permissions or callbacks—when things go wrong, you can't even chase them down. Anyway, my current approach is: only hold stablecoins I understand, keep position limits aligned with interest rates, and first check permissions and upgradeability on-chain—don't be fooled by words like "seems very stable."

I'm going to get to work.