These past few days, I've been watching the relationship between interest rates and my positions. The more I look, the more it seems like a very slow drive shaft: when interest rates rise, the "comfort" of cash strengthens, and risk appetite naturally shrinks back. The most direct sign for me is that my order sizes have shortened; I’d rather keep some ammunition than hard tolerate volatility. To put it simply, I haven't suddenly become conservative; it's just that the cost of capital has smoothed out my emotions.

By the way, looking at social mining and fan token schemes—"attention is mining"—I'm a bit fatigued... Attention is certainly valuable, but it’s more like grabbing the microphone in a noisy environment, not like the verifiable input-output on-chain. Anyway, my current approach is: don’t loosen macro policy, and don’t treat positions as faith; I’m tired but still here, slowly aligning the structure and then talking.