Lately, I've been paying more attention to macro than to K-line charts... As soon as interest rates rise, risk appetite is like someone turning a valve, and even if on-chain activity is lively, traders will first reduce their positions.

To be clear, it's not about being bearish on anyone; it's just that the "comfort level" of holding cash has increased, and sleeping with coins doesn't feel as secure anymore.

These days, I saw someone comparing RWA and on-chain yield products to U.S. Treasury yields. My first reaction isn't "which one is more attractive," but rather "which one is more prone to a run."
On-chain yields look smooth, but if everyone tries to withdraw at the same time, slippage + delays + emotional reactions can bring the experience back to reality.

I've also had a typical case of "not understanding it, so I don't move":
A certain pool's yield suddenly spiked, and there were a bunch of charts on Twitter. I was itching to draw the trading path, but then I realized the funds behind it were moving back and forth, like waiting for block times... I got scared and didn't jump in.
Later, sure enough, a wave of congestion came, and those who exited were stuck so badly they doubted their life choices.
Anyway, my current rule is: when the interest rate environment is tight, prioritize survival. If you're itching to draw charts, do it—no need to place an order.