Recently, it feels like we're back to the stage of "watching the rate face," when interest rates rise, risk appetite shrinks, and even someone like me who prefers scripting strategies subconsciously tightens positions. To put it simply, it's not bearish; it's just that I don't want to confront macro head-on. When the market moves sharply, it's usually not because of divine technical skills, but because money suddenly becomes "expensive," and everyone is afraid to hold through the drawdown.

Some people are constantly monitoring large on-chain transfers and unusual movements in exchange hot and cold wallets, claiming that smart money is moving... I also glance around, but I really don't dare to interpret it as an edict. Most of the time, it's just rebalancing, market making, or internal circulation. Over-interpreting can easily scare you into or out of positions. Anyway, what I care more about now is whether my risk budget is still intact during a drawdown, and making sure that my entries aren't secretly eaten up by Gas fees and slippage. That's it for now, taking it slow and steady.