Recently, I've seen everyone using ETF capital flows and U.S. stock market risk appetite as "cryptocurrency price movement interpreters," and I find it a bit funny but also a little alarming. To put it simply, when interest rates rise, fewer people are willing to take risks, and positions shift from "able to withstand drawdowns" to "just survive." The on-chain depth immediately appears thin, and when routing is involved, slippage feels like a knife scraping your face, with the execution price putting on a show of "how poorly it was filled."

I am currently reducing leverage, chasing less, and slowly splitting orders—preferably missing out on some opportunities rather than being a pool's subsidy during the hottest emotional moments... Anyway, when the market cools down, the first to be educated are always impulsive traders (like me).