Someone said "Interest rates have nothing to do with the crypto world"… I can only say the feeling is quite different. When interest rates go up, money is more eager to stay in "visible returns," and risk appetite shrinks very quickly. I will then reduce my positions from aggressive strategies, avoid leverage if possible, especially in pools that look very attractive but have high tail risks. Basically, just stay alive. Conversely, when liquidity is more abundant, I dare to allocate some positions to try new structures and do small on-chain experiments. Recently, there have been rumors about certain regions increasing taxes and tightening compliance, then loosening again. Expectations about deposits and withdrawals are quite real, even if not implemented yet, people will first tighten their hands… I do the same, first clearly define my risk boundaries before proceeding.