Between daytime meetings, my brain is completely fried; at night, I still have the habit of scrolling through on-chain activity for a couple of looks. I’m tired, but I’m still doing it. Lately, I’ve been feeling like the macro “line” is pretty clear-cut: when interest rates are high, everyone is more willing to hold cash and wait for opportunities. Even if things are lively on-chain, it’s easy to hit the brakes—one foot on the accelerator, one on the brake. So I don’t dare let my position get too full; I’d rather move slower and keep some ammunition.

In the group, these past couple of days there’s been back-and-forth chatter about stablecoin regulation, reserve audits, and rumors about “de-pegging.” The emotions just spike instantly. To put it plainly, this is exactly the time when it’s easiest to get led by the noise. The more people argue, the more I want to first check the real on-chain inflows and outflows and large-scale FX exchanges—if I don’t see any clear abnormality, I won’t go running around with the crowd… Anyway, my current principle is: when risk appetite drops, I rein in both leverage and fantasies together. That’s it for now.