Recently, the screenshots of "a certain stablecoin is about to depeg" and "lack of transparency in audits" in the group chat have been flooding the screen, and emotions are being pulled into high-frequency trading. To put it plainly, this is just risk appetite being led around. When macro interest rates are high, people prefer to just sit and earn interest, and the market becomes picky. I also tend to adopt a "conservative mode" in my holdings: holding less spot, almost not using leverage, and saving more bullets for certainty. Conversely, when a rate cut is expected, everyone starts to dare to bet on narratives again, but I still prefer to first analyze the interaction paths, see where the protocol might get stuck, and where it might be easily squeezed out. I now treat trading as "practice" rather than "beating the market" — practicing not to be swayed by reposts and trends, and before adding to positions, asking myself: Is this environment change due to interest rate transmission, or am I being driven by fear/greed again? That’s all for now.