If I can only keep one habit: watching the team wallet and unlocking rhythm. Everything else, no matter how fancy, I consider noise.

Recently, I've been thinking about the macro situation: when interest rates rise, the market is like being turned off by a tightened faucet—risk appetite shrinks first, even someone as stubborn as me will shift positions from "want to take a chance" to "just survive." To be clear, it's not that I've suddenly become more mature, but that the cost of capital has become more expensive, and everyone's patience for narratives is even shorter, making dips easier to get hit. Conversely, when interest rates loosen a bit, sentiment rises, and people dare to put more into their positions, especially those "compound yield" strategies, which are more easily blown into perpetual motion machines.

Recently, pledge/sharing security has been criticized as "layering," which I can actually understand: when interest rates are high, people care more about underlying cash flow and risk isolation; layering adds more opacity, and while the returns look attractive, it feels unsettling... My current approach is very simple: when macro is tight, reduce leverage and keep ammunition; when macro loosens, I don't chase the hottest trends, preferring to be a bit slower. That's all for now.