My biggest feeling when watching the market recently isn't which coin is strong, but whether the rope of interest rates has loosened or not. When U.S. Treasury yields rise, everyone's risk appetite visibly shrinks, and positions also change accordingly: I just cut off the part that wants to take a gamble first, leaving only the core positions to avoid being driven by emotions chasing after gains and then losing them.

In the past two days, I saw someone comparing RWA, on-chain yield products, and U.S. Treasuries, and honestly, I have to ask: who is backing these yields, and can you cut losses or exit if something goes wrong? On-chain yields are a bit like deposits and a bit like lotteries—looking stable but with significant tail risks. The more historical incidents there are, the more shadow they cast… Anyway, I now prefer to earn a little less rather than get locked in when liquidity tightens.