I was recently educated again about interest rates... To put it simply, when interest rates go up, everyone prefers to hold cash/short-term bonds for "certainty." As risk appetite drops, you can see on-chain: large addresses are more frequently transferring to exchanges, and their positions are shrinking quickly. A while ago, I was monitoring a fund flow, and the unlock calendar was repeatedly brought up in the group chat, with everyone anxious that "selling pressure is coming." I looked at the address relationship graph and it got messier and messier, and in the end, I just thought: if you don't understand it, don't move first. As a result, when a wave of sell-off came later, I wasn't swept out, and I actually slept more peacefully... Anyway, I now believe more in "staying alive first," and not forcing through emotional reactions.