Lately, watching the market feels more and more like observing the shadow of the yield curve: when U.S. Treasury yields rise, risk appetite seems to tighten like a screw, and even with a more aggressive position, you have to shrink it first, or the drawdown will come very mechanically. The recent buzz around RWA is also quite interesting; everyone is comparing U.S. Treasury yields with various "yield products" on the chain, essentially asking: why should I bear smart contract/clearing/oracle risks to get roughly the same interest? What I care about more now is the transmission chain: rising funding costs → leverage first pulls back → higher liquidation density → MEV strategies start to eat into volatility. Anyway, position management isn't romantic; survival comes first.