Lately, I've been paying attention to how interest rates and market sentiment are connected: when interest rates rise, everyone's "opportunity cost" immediately becomes more expensive, risk appetite shrinks, and positions shift from chasing gains to just wanting to survive. To put it simply, when that macro lever is pulled tight, even the most attractive incentive structures on-chain will first be de-leveraged, and when a liquidation cascade happens, it doesn't play fair at all.

Actually, the screenshots in the group about stablecoin regulation, reserve audits, and people shouting "de-pegging is happening" are repeated ten times, and they best illustrate how sentiment spreads: even if nothing happens, there's a moment of panic first. Anyway, before I add to my positions now, I make sure to clean up my margin and stablecoins, avoiding leverage if possible. I’d rather earn a little less than have my positions blown away by a sudden gust.