I've been "macro" educated for the third time... When interest rates rise, that daring attitude in the market as if gambling is like being choked by a noose. The most direct feeling on my side is: obviously there’s no big negative news, yet the market can still panic first, and after the volatility subsides, I want to leverage up but it feels especially risky. To put it simply, as risk appetite declines, the transmission to my positions is one sentence: I used to dare to go all-in, now I prefer to reduce a bit first, even if I miss out rather than get pierced by a single needle.

Recently, I keep seeing the "attention mining" of social mining and fan tokens, sounds pretty attractive, but as soon as I think about how people don’t even have patience to watch short videos when interest rates are high, let alone work long-term for projects... Anyway, I don’t really believe this narrative can withstand the tide of emotions receding. For now, just hold back a bit, wait for the market to regain its confidence naturally.