Lately I've been thinking about how to transmit this macro perspective to someone like me with a small retail position... To put it simply, when interest rates go up, that little bit of "risk appetite" in my hands gets drained away. Even if there aren't any major events in the crypto world, I instinctively reduce leverage and long-tail positions, keeping some stablecoins as a buffer; conversely, when the market turns risk-on, I dare to slowly shift some positions toward L2/ modular solutions, but not aggressively—more like gradually, waiting for confirmation.

I still look at on-chain data, but recently those tools and tags have been criticized for lagging and possibly misleading, which really affects my mindset: you might think it's smart money, but it could just be a game of wash-and-repeat addresses... So now I treat it more as a "thermometer," not as a navigation tool. When it comes to adding positions, I still rely on whether I can handle the drawdown myself.

What I’ve learned isn’t about techniques, but that: when macro changes, the first thing to move is people's courage, not the charts.