Recently, I mainly look at the interest rate line when assessing positions: when interest rates go up, the "waiting" for cash becomes more rewarding, and risk appetite diminishes. I then divide my positions into several parts, directly flatten the leveraged portion, and keep some bullets. To put it simply, it's not about bullish or bearish, but whether the funds are willing to pay the "time cost." On-chain, you can also feel it—when active addresses and lending demand decline, many narratives tend to cool down on their own.

Additionally, recently some places have tightened or loosened regulations and taxes, which has a significant impact on deposit and withdrawal expectations. Sentiment tends to move first, followed by actual transactions. Anyway, my current approach is: clearly define the position boundaries, write down the acceptable drawdowns, and then avoid stubbornly fighting the macro trend.