These days I’ve been feeling like taking a "break" for a bit—stop, watch, and pause on the candlestick charts. The line of interest rates is actually pretty straightforward: when the opportunity cost of money rises, everyone’s risk appetite shrinks, and positions shift from "wanting to gamble" to "wanting to survive longer." Translated onto the chain, it means: less leverage, thinner liquidity, and even a small selling pressure appears particularly large.

Recently, I’ve been repeatedly checking staking unlocks and token unlock calendars, basically worrying about whether there will be a concentrated sell-off. My approach is a bit rough: I review the dependency diagram I drew again, and for any protocol whose cash flow/incentives rely on "continued buyers," I cut back a bit first, and for the rest, I’d rather wait patiently. Anyway, I’m taking a break for now.