"The interest rates have nothing to do with the crypto world, right?"... I think the relationship is actually quite direct. When interest rates are high, putting money there can yield a certain return, and risk appetite naturally shrinks back. I personally shift my positions from "imaginative space" to "things that can keep me alive," and I’m also reluctant to use leverage; only when the market starts to think that interest rates might loosen will people dare to bet on narratives again and chase the rally. Basically, it's when the capital's patience returns. Recently, the airdrop season with points + anti-fraud measures feels quite macro: when rules tighten, everyone shifts from "trying it out casually" to "working according to KPIs," and emotions are more easily swayed by a little wind or disturbance. My current principle is: first assume that risk appetite will deteriorate tomorrow, then see if I can still hold this position. That’s it for now.