These days, I've been thinking again about how interest rates "transmit" to my own positions, in other words, how risk appetite gets tightened or loosened. When interest rates are high, putting money there yields returns, and people's patience for "losing some time doesn't matter" decreases. I tend to hold more cash and keep my positions lighter; only when the market starts to feel like it can breathe easier do I dare to shift more risk over. Sometimes, crypto feels like a faucet and a thermometer at the same time—when macro conditions cool down, even if on-chain activity heats up, it's easy to get poured down.

The NFT royalty war also feels quite similar: liquidity wants to "trade more smoothly," but creators are afraid that "the more lively it gets, the harder it is to sustain themselves." My current approach is not to follow emotions; I first ask myself: if this position gets stuck for a few months, can I sleep well... If yes, I try a small position; if not, I give up.