When interest rates rise, risk appetite seems to tighten as well, and I subconsciously reduce my positions a bit. It’s not that I’m bearish on anyone; honestly, it’s just that when the cost of capital gets too high, people don’t like to gamble on volatility. But I have an old habit: when the market moves up, I get itchy to chase. I say “wait for a pullback,” but I’ve already opened small perpetual positions... I can only rely on monitoring L2 on-chain addresses to find reasons for myself. The problem is, now those on-chain tags/data tools are also criticized for being laggy and can mislead you. As I watch, I start to doubt: is it smart money moving, or am I just looking for a stepping stone for FOMO? Anyway, I’ll just lower my leverage first; as long as I can survive, that’s enough.