These past few days, I feel like my mindset is "version updating": in the past, whenever there was an expectation of interest rate cuts, I’d get itchy to add to my positions. Now I first check whether my risk appetite has been driven by macro sentiment. When interest rates rise, money becomes more selective, liquidity tightens a bit, and I automatically switch my positions to "power-saving mode," preferring to earn less rather than be dragged into leverage by volatility.

To put it simply, when macro conditions tighten, the first thing to collapse is often not logic, but people's patience. The prosperity created by blockchain games with inflation + studio pumping looks lively, but as soon as the coin price slides, it spirals downward, just like the waning risk appetite... Anyway, I’m now more concerned about "whether I have the authority to open positions recklessly, and whether the authorization has been revoked." Smaller positions let me sleep better. That’s all for now.