Actually, everyone understands that when interest rates rise, risk appetite is like a tightened faucet; no matter how lively the on-chain activity is, people will first think, "Should I reduce my positions?"

These days, I’ve been a bit hesitant: I initially wanted to add some long-term positions, but after checking the macro calendar, I quietly reset my leverage to zero, leaving only a few spot holdings I can sleep peacefully with…
Honestly, it’s not that I’m not optimistic, but I don’t want to fight against the cost of capital.

What’s more annoying is that when the market tightens, emotions tend to amplify small fluctuations.
On-chain, you can also feel that “whoever jumps first wins” vibe. Recently, retail investors have been complaining about validator/miner income, MEV, and unfair ordering, and I resonate with that: you think you’re trading, but actually you’re dating the queue, always stuck at the back.
Anyway, my current principle is pretty simple: when interest rates are hawkish, dream less and keep more cash; if I really want to push, I only go for positions I can turn into a poem.
That’s all for now.