My biggest feeling from watching the market these past two days is: interest rates are quite "dull," but once they actually transmit to positions, it's very direct.

Money becomes more expensive, everyone's risk appetite shrinks, on-chain stablecoins are more like "docking," not very willing to rush into high volatility, I also don't dare to leverage and load up too much, preferring to keep some ammunition in reserve.

In extreme times like fund fee rates, the group is arguing whether to reverse or continue to squeeze the bubble.
Honestly, I don't know either, but once the sentiment becomes too uniform, I get itchy and want to reduce a bit, at least to prevent myself from being driven by emotions.

My mom asked me a couple of days ago, "Interest rates are high, isn't the crypto world making more money?"
I could only reply half-heartedly: high interest, fewer people borrow money, everyone becomes more timid... for now, that's it.