Lately, watching the market has become more like watching the weather forecast: a slight breeze or movement in interest rates, and risk appetite shrinks accordingly, so positions no longer dare to hold firm. To put it simply, high interest rates = earning returns even on cash, so everyone becomes more selective, and the "wait and see" hope for leverage is quickly snuffed out, with liquidation cascades coming faster than news.

These days, some people interpret large on-chain transfers and unusual movements in exchange hot and cold wallets as "smart money," I also glance at them, but I don't treat them as gospel. Often, it's just repositioning, market-making adjustments, or someone passing by doing arbitrage... If I really want to follow, I prefer to follow risk parameters: funding rates, loan utilization rates, how close I am to liquidation lines. Stay steady, have some almond milk, and if it heats up, withdraw first.