These days, I've seen many people interpret ETF capital flows and U.S. stock market risk appetite together, as if whenever there's a surge there, this side should also rise... To be honest, it's not unrelated, but when it comes to my positions, there are too many intermediate variables. When interest rates go up, the first thing to change is "willingness to bear volatility," not an immediate decision on direction; when funding rates spike and options skew start to tilt, I just see the wind changing, and I make small patch repairs to leverage and positions: reduce a bit, hedge a bit, raise stop-loss levels. I don't dare to confidently predict, anyway risk control must come first.