These past few days, I've been thinking about how macro factors affect my positions... When interest rates rise, everyone's risk appetite seems to tighten, and money prefers to stay in "visible returns." I don't dare to go all-in recklessly, so I have to slow down the pace. Recently, whether it's RWA or on-chain yield products, they are often compared to U.S. Treasury yields. Basically, it's competing for the same pool of "wanting to earn some interest while lying down" funds. When sentiment shifts, the on-chain market heats up quickly and cools down just as fast.

There is too much information, which really causes anxiety. The more I scroll, the more I feel behind. My filtering method is pretty simple: first look at the U.S. Treasury yield and dollar liquidity, which are the big switches; then check on-chain stablecoin net inflows and exchange net inflows; finally decide whether to add a bit more today or stay on the sidelines... Anyway, I prefer to earn less than to be taught a lesson by a big macro downturn. That's all for tonight, I’ll review again tomorrow.