Lately, you can really feel it—once the interest rate “wind direction” shifts, the group’s risk appetite shrinks right along with it: when the US stock market wobbles, on-chain liquidity thins out immediately. The way I like to chase small caps makes me feel itchy, but I don’t dare to scratch… Put simply, when money is expensive, everyone is more willing to just park it in stable mode. Even if I FOMO, I still have to first check whether the pool has real depth—otherwise, taking one step in could make me “draw” the candlestick chart into a needle. Last night, I also caught the aftershock of a cross-chain bridge being stolen/hacked, on top of the oracle quotes going haywire. Suddenly everyone learned to “wait for confirmation,” and I was forced to get a bit steadier too—my position changed from “fully in” to “try a small bite first.” Let’s see what happens next.