Recently, I saw a bunch of people interpreting ETF capital flows, U.S. stock market risk appetite, and crypto price movements as if they are all connected... It sounds like flipping a switch to me... I feel a bit anxious listening to that. As for on-chain privacy, honestly, ordinary users shouldn't hold onto the illusion of "being invisible": not writing your name on an address ≠ no one can track you. Transaction paths, authorization records, deposit and withdrawal channels—if someone really wants to investigate, they can piece it together. Don't push the boundaries of compliance either; often, it's not about whether you're breaking the law, but whether the platform or entry point requires you to explain your source. Anyway, my current expectation is just two words: visible. The only thing I can do is reduce the risk to a level where I can sleep peacefully: sign fewer authorizations randomly, read permissions if they can be read, split up wallets, don’t run everything from one address. I treat complexity as an enemy—if I can confirm once, I won’t click three times. That’s all for now.