This morning, my phone was full of red dots, and the exchange pop-ups were pushing "Interest Rate Meetings/Data Calendar" again. I took a quick glance and felt my scalp go numb... To put it simply, macro stuff's biggest impact on me isn't about direction judgment, but about automatically shrinking my positions. When interest rates go up, risk appetite seems to be drained away, and no matter how lively the on-chain activity is, it easily turns into "no upward movement, quick retracements," with margin calls hitting hard.

After being liquidated once, I learned my lesson: better to miss out than to hold leverage in an uncertain macro cycle. Recently, Layer 2 is still arguing over TPS, fees, and subsidies—it's quite lively, but the more subsidies there are, the more they seem like emotion amplifiers. When macro turns around, liquidity runs faster than anyone... Anyway, I keep a small position, save some bullets, and focus on staying alive first.