Lately, my biggest feeling from watching the market isn't "seeing the right direction," but that when the interest rate faucet is turned off tight, the market's risk appetite feels like the oxygen is being sucked out of the room. Even someone like me who talks about long-term holds unconsciously starts to reduce positions. To put it simply, when money is expensive, everyone prefers to hold cash and wait; no matter how lively the on-chain activity is, it easily turns into "noise without heat."

Recently, with the additional yield from pledge and shared security being criticized as "layered traps," I actually understand: when interest rates are high, people become more picky. The layered yield stories are like stacking plates—whether stable or not, don't ask. Inside, people are already thinking, "Who will foot the bill if it collapses?" My current approach is pretty simple: set a maximum drawdown limit, and cut when triggered. Better to miss out than to go through the painful reset to zero again. Anyway, when macro trends are unfavorable, I trust rules more and don't believe in "this time is different."