I just saw a chart of US bond yields at the coffee shop, and my first reaction was: how is this thing even competing on the same stage as on-chain yield products… It’s a bit absurd but also quite real. When interest rates rise, everyone’s risk appetite seems to turn down like the volume knob was twisted, and positions also shrink — it’s not that I don’t believe the narrative, but the wallet becomes cautious first. RWA has been a hot topic lately; basically, it’s about bringing “visible yields” onto the chain, but when macro conditions cool down, market sentiment shifts from “I want it all” to “just survive.” I’m trying not to let my positions become a vent for emotions right now; diversify when possible, keep some cash on hand, because when things get intense, it’s easiest to see yourself as the protagonist.