These days, I've seen a bunch of memes and celebrities shouting buy signals flooding the screens again. It's lively, but I still have that old line in my mind: when interest rates tighten and everyone's risk appetite shrinks, the first to thin out are those positions that rely on attention to survive. Basically, the game of "someone takes the other’s position, I win" becomes harder to play.

I used to think macro was far from me; just watching protocol forks and parameter updates on-chain was enough. But when expectations of rate hikes actually rise a few times, those small positions that were "still okay" suddenly lose liquidity, and orders sit unfilled for half a day… mainstream assets and cash feel more solid.

Now I try to layer my positions: when uncertain, I first reduce leverage and "story-based" positions, and only slowly add back when sentiment warms up, avoiding competing for the last leg of attention. Anyway, living longer is more important.