Lately, I've been paying more attention to macro than to K-line charts... When interest rates rise, the market's willingness to "dare to gamble" is drained away. The transmission in the crypto space is pretty straightforward: first reduce risk appetite, then cut down positions, and only then start telling stories. To put it simply, I’m now more like managing position temperature; when interest rate expectations are tight, I turn off leverage and long tails first, leaving some bullets to wait for emotions to cool down.

In the past couple of days, after that mainstream public chain's upgrade/maintenance, the group started guessing whether there would be a major migration of ecosystems. I’m actually not that excited. Having seen many security pitfalls with bridges and cross-chain solutions, if a migration really happens, it’s not something you can smoothly handle just by shouting a few words. Without solid processes, moving to a new place still involves the same risks.

I no longer chase explanations; sometimes, price movements are just random. There are only two things you can do: don’t add drama during high volatility, and focus on voting/governance when it’s appropriate. First, control what you can control.