My biggest takeaway from watching the market lately is that interest rates really can turn from “news” into the power at work in your trades. When interest rates are high, people’s risk appetite is likely to rein in, even if things look quite lively on-chain—because in reality, a lot of it is just short-term back-and-forth shoving between each other. Once expectations for the macro environment start to loosen a bit, only then do positions dare to slowly push outward.

These past couple of days, fee rates have been extremely abnormal, and the chat has been arguing about whether it’s time to reverse or to keep squeezing more out of the bubble. As for me, I’m just going to watch who ends up being forced to carry the burden: the more outrageous the fee rates are, the less I want to chase. I’d rather earn a little less than let emotions take the wheel. I just placed an order, and it got stuck for a moment—the page kept refreshing/retrying as if it were in a queue… It also reminds me not to rush; being a bit late is sometimes safer.