It's almost dawn again, eyes are sore beyond belief, staring at the K-line for so long that my neck is also stiff... But tonight I want to focus more on the macro aspect: when interest rates go up, money becomes more selective, and as risk appetite contracts, it's not just about "wanting to trade or not," but whether you're willing to pay the interest for volatility. To put it simply, when interest rates are high, people are more likely to hold cash/short-term bonds and other safe assets, and in the crypto world, this means that when sentiment cools down, the pullback is amplified, and capital outflows become very obvious.

My current approach is a bit cautious: first keep the overall position restrained, and only add when there are signals that risk appetite is warming up; otherwise, it feels like a constant tug-of-war with macro trends. By the way, I've been watching the recent wave of AI Agents and automated trading, which are being hyped up quite a bit, but the more automated the on-chain interactions become, the easier it is to overlook authorization/contract risks. If I really use them, I’ll first clarify permissions, limits, and revocations... Anyway, don’t let “saving effort” turn into “saving your life.” That’s all for tonight, I’ll see tomorrow if there’s a turning point in capital flows.