Don't keep asking me why I no longer dare to leverage... Recently, whenever I talk about macroeconomics, I get a headache. When interest rates tighten, risk appetite shrinks, and on-chain lending positions start to tremble. To put it simply, it's not that the coins suddenly become "bad," but everyone's tolerance narrows. I also look at the ETF capital flow analysis, but I trust my own liquidation line more: every time the US stock market cools down emotionally, I lower the LTV a bit to leave some "escape routes." I'd rather earn less than wake up in the middle of the night to a liquidation SMS. Anyway, when the market is volatile, no matter how lively the story, nothing beats a solid risk control threshold.