Over the past couple of days, I’ve been watching headlines related to interest rates again, and it feels like the macro “risk appetite” line is spreading to crypto really fast: once interest rates rise, money becomes even more picky, leverage positions start breathing less easily, and the liquidation line suddenly feels very close to me… Before placing an order, I first check whether I can accept the worst-case threshold; only if I can accept it do I dare to move. The new L1/L2s are also starting up incentives to boost TVL, and the long-time users in the group are complaining about “dig to sell,” and I get it. Basically, short-term capital is more sensitive—it tends to come quickly and leave just as fast. What I fear most isn’t losing money; it’s losing control—losing money is something I can own up to, but losing control is what happens when you don’t set a stop-loss and you stubbornly keep holding on. In any case, I don’t want to experience it again. For now, I’m going to tighten the warnings for a few positions.