These days, I see everyone linking ETF capital flows and the risk appetite in the US stock market to explain crypto price movements... Honestly, it's not unrelated, but the transmission isn't that straightforward. When interest rates rise, the first thing that changes is whether people dare to withstand volatility, not whether logically it should go up or down. My usual habit remains the same: adjust positions based on volatility, and don't move stop-losses downward just because emotions are running high. Last week, I reminded myself for the third time: when the market looks smooth, risks are actually easiest to overlook; surviving comes first.