Lately, watching the market has become more like observing a macro sentiment thermometer: when interest rates rise, everyone says "long-termism," but they first tighten leverage, and their positions shift from "daring to gamble" to "just wanting to survive." Basically, risk appetite is transmitted this way; it's not about convincing you first, but about making you lose sleep first.

These days, the funding rates are swinging to extremes again, and the group chat is buzzing over whether it's a reversal signal or just more bubble squeezing... I think there's no need to rush to pick a side. When rates are ridiculously high, I usually reduce some positions and increase my margin cushion, preferring to earn less than get popped by a needle. Once liquidity dries up, no matter how hot the narrative, it's just a puff of smoke—watching flowers in the fog. Let's leave it at that for now.