Someone asked me how recent interest rates are actually transmitted to my crypto positions... Basically, it's about whether "people are in such a rush to take risks with their money." When interest rates are high, holding stablecoins/cash feels more secure, and risk appetite is dulled. I tend to make my positions narrower, preferring to earn less rather than be forced to stop out at the worst emotional moments. Conversely, once everyone starts to feel "holding costs aren't that painful anymore," they become more willing to move long-held funds onto the chain to experiment.

Recently, privacy coins and mixing compliance have been causing quite a stir. I don't really take sides; I just treat "regulatory uncertainty" as an extra interest rate: for the same ups and downs, I prefer to set a lower position limit to avoid black swan events with nowhere to explain... That's it for now, just watching and observing.