My biggest feeling from recent market observations is: interest rates are not easing, everyone says they’re optimistic, but in reality, everyone’s holding back. Capital costs are fixed there, and along with that, risk appetite is also suppressed. Many high-APY pools are basically just subsidized, and once the subsidies stop, they reveal their true nature. My approach is still to break down the returns first: where exactly does this interest come from—demand for borrowing, project burn rate, or are you eating tail-end risks? And those on-chain data tool labels, which have recently been criticized as “lagging/misleading,” are also normal. I now only treat them as aids, not signals… Anyway, I’ll keep my positions at a level I can sleep soundly with.