These days, I’ve seen people talk about interest rates again, basically about how expensive money is and whether everyone dares to gamble. When interest rates go up, risk appetite is like being drained away, and those positions on-chain that are “borrowing some money to go all in again” are the first to collapse. It looks lively normally, but when volatility hits, it starts a chain reaction of panic selling.

My sense of risk signals is even more obvious: during macro tight periods, phishing and abnormal authorizations become more frequent, probably all fighting for the last bit of liquidity. When incidents like cross-chain bridge thefts happen, people say “give us another chance,” but secretly they’ve already shut down the bridge’s credit limit… And when oracle prices go haywire, the group immediately types “waiting for confirmation,” which shows a real consensus: survive first, then talk.

I admit I also envy others who dare to go all-in and sleep soundly, but I’m stubborn. I prefer to go slower, keeping my positions aligned with risk appetite, not emotions. That’s it for now.