Recently, I’ve been focusing more on the macro lines: when interest rates rise, the first thing to change isn’t the candlestick chart, but everyone’s confidence. In plain terms, when the cost of capital becomes expensive, positions will naturally “shrink,” not necessarily crashing immediately, but those using leverage will start looking for an exit. I’m quite simple about this: I look at the proportion of stablecoins in my account, borrowing interest rates, and on-chain signs like “temporary authorization + immediate revocation,” and I feel that when the wind shifts, everyone’s hands withdraw very quickly.

These days, cross-chain bridges have been hacked again, and a bunch of people in the group’s first reaction isn’t to buy the dip, but to review and revoke the bridge’s authorizations… When interest rates are high, the tolerance for errors is even lower, and security incidents act like amplifiers. There was also that abnormal quote from the oracle; everyone suddenly tacitly agreed to “wait for confirmation,” which actually shows that risk appetite has reverted to normal: better to miss out than to be pierced by a false signal. Let’s look further.