Lately, thinking about interest rates affects me more than analyzing K-line charts when it comes to how much I dare to hold in my positions. Honestly, when interest rates are high, the options for “earning yield while doing nothing” become more abundant, and risk appetite tends to shrink. Once there’s even a slight change in the market, everyone becomes even more eager to withdraw first. And only after expectations shift and sentiment eases do people start daring to touch long-term positions and small-cap assets again. I’m pretty stubbornly conservative: when macro conditions are tight, I’d rather make less, and I move my positions toward the direction of “self-custody and you can withdraw at any time.” I basically don’t touch leverage, and I’m even more cautious about signatures and authorization—if there’s any unnecessary permission, I’d rather not click it.

And over these past two days, with the main public chain scheduled for an upgrade/maintenance, the group has been speculating whether ecosystem projects might migrate. It really feels like a “risk appetite test”: those who have real conviction keep using it, while those who don’t feel secure immediately start looking for alternative chains, bridges, and even new wallet addresses… As for me, I’ll first clear the permissions on the addresses I use most often, and I don’t want to be forced into making decisions before or after the upgrade. That’s it for now.