Lately, the more I think about it, the more I feel that the crypto "emotional switch" is still being driven by interest rates: when rates loosen, everyone's risk appetite increases, and they dare to expand their positions; when tightening, even if on-chain data looks okay, people will first tighten up mentally and focus on survival. Honestly, I don't have any sophisticated models for adjusting my positions, just watching macro trends and timing, avoiding leverage during the most euphoric moments.

These days, I saw that a mainstream public chain is about to upgrade/maintain, and the group is speculating whether ecosystem projects will migrate... I'm actually more concerned about: in times of macro tightening and this kind of uncertainty stacking up, funds tend to be lazier, preferring to stay in "seemingly safe" places. Anyway, I plan to reduce my positions a bit first; if I’m wrong, I’ll adjust, no need to stubbornly hold on.