Lately, watching the market feels more like watching interest rate movements; when interest rates rise, everyone's risk appetite shrinks, and positions also shift into "conservative mode": more holding spot assets without moving, and various long-tail pools on-chain become quiet. To put it simply, it's not that I don't believe in the narrative, but the cost of capital has become more expensive, so holdings automatically shift toward what allows you to sleep well at night.

By the way, the new L1/L2s are starting to offer incentives to boost TVL, and old users' complaints about mining, claiming, and selling are quite real... The more aggressive the incentives, the more it feels like you're being given the illusion of leverage. Currently, I think: reducing my position a bit is okay, but first I need to review wallet permissions, signatures, and nonces, because if I earn a little wool and then hit a pending transaction or authorize a strange contract, it can be quite costly.