My biggest feeling from watching the market these days is "interest rates are just sitting there," making it hard for risk appetite to fully take off. To put it simply, when there are more comfortable places for money to go, I default to the market being a bit more temperamental: layering positions more heavily, making some profit is fine, but don’t let a single pullback scare you silly.

I also treat the on-chain stuff as a thermometer: another cross-chain bridge failure, oracle errors, and everyone collectively "waiting for confirmation"—that’s actually a sign of risk appetite shrinking. It’s like driving in the rain; when the road is slippery, everyone naturally increases the distance, even if they’re in a hurry and don’t dare to overtake recklessly. Anyway, I’d rather take a smaller hit now than stuff the parachute into the drawer at the loudest moment.