These days, there are more messages about interest rates than about candlestick charts... To put it simply, when interest rates are high, the "patience" of everyone holding cash becomes more valuable, and risk appetite gradually shrinks back. This is more obvious for small-scale market makers like me: placing more conservative orders, not daring to hold too much inventory, preferring a flatter curve, earning less rather than getting pierced by a single needle.

Then the group is also arguing about whether privacy coins and coin mixing are considered "original sins," and as the compliance boundaries are pulled and tugged, emotions become even more fragile. Honestly, I don’t have an answer either; I can only be honest about my positions: when uncertainty increases, reduce leverage and scale back, just to survive. It’s depressing, but at least the strategy can still be executed… Take it slow.