Right now, I’m only focusing on two things from a macro perspective: where interest rates are headed and whether people are willing to take risks. When interest rates go up, it feels very straightforward—money becomes more expensive, risk appetite shrinks, and positions also need to shrink; otherwise, a drawdown will cause the mentality to collapse. To put it simply, I don’t compete with the market for strength; when the market is hot, I add less; when it’s cold, I pick slowly—anyway, I don’t chase.

Recently, RWA has been compared again with U.S. Treasury yields and various “yield products” on-chain. I find it a bit funny: one is a more certain interest rate anchor, and the other is various risk-encapsulated products on-chain… don’t use the same yardstick to measure. My “long-term” isn’t that esoteric either, probably about a quarter—if I can stick to the execution and not be interrupted by emotions, then it’s considered long-term. Let’s leave it at that for now.