Lately, the biggest feeling from watching the market is: macro stuff doesn’t make sense but it’s very real. When interest rates go up, everyone talks about long-termism, but they still shrink their positions and become risk-averse; when interest rates ease and sentiment warms up, they start daring to move money into more “story-driven” things, in other words, survive first and then talk about faith.

Airdrop season is also quite similar to this transmission chain’s side effect: when the market is uncertain, many prefer to do tasks to earn points, treating it as a low-cost bet; but when the anti-witch campaign intensifies, the “profit-taking” crowd immediately turns into clocking in at work… I watch everyone argue about rules and fairness on the side, silently noting the key point: incentive design can really twist human nature into a certain shape. Anyway, I try not to treat “task rewards” as fixed income right now, and I don’t hold my positions too tightly—just like that for now.