Lately, I’ve been looking at the market and paying attention to the trend in interest rates first. To put it simply, if interest rates don’t loosen, everyone’s risk appetite will stay cautious, and no matter how stubborn the positions are, they will lighten up... When I see congestion on the chain and active addresses spike these days, I know the sentiment is warming up, but I won’t go all-in immediately. I’ll divide my bullets into batches: if the macro is tight, I’ll keep more cash; if the macro loosens, I’ll add gradually. Also, those new L1/L2s that see a surge in TVL right after incentives— I totally understand the old users’ complaints of “mining, selling,” it’s just short-term hype, and the chips might be more volatile. Chasing hot spots also means leaving a way out for yourself. We’ll talk more next time.