These days, I'm again struggling with position sizing, honestly it's still that interest rate string pulling the strings. When interest rates are high, everyone prefers to hold cash and wait, risk appetite shrinks, and I instinctively keep my positions smaller, leaving some bullets, sleeping more peacefully at night. Conversely, once the market starts to feel "it's about to loosen," I get itchy, lightly confirming with a cat's paw, but inside I actually feel more tense.

Some people keep an eye on large on-chain transfers and abnormal movements in exchange hot and cold wallets as "smart money," I also glance at them, but I don't dare to fully trust. Large transfers don't necessarily mean dumping, it could also be internal rebalancing or market-making arbitrage. Anyway, my current approach is, when macro conditions are tight, don't force it, if I really want to participate, do it in small batches, and don't let an on-chain signal drive my emotions crazy.