I used to really misunderstand: I thought macro things like interest rates were quite distant from the crypto world, and that the excitement on-chain could stand on its own. Now I see it more clearly—frankly, when interest rates go up, money becomes more "picky," risk appetite shrinks, and positions naturally have to shrink along with it, even if you're still optimistic about the narrative, you need to leave some room.

These days, cross-chain bridges are having issues again, and oracles are reporting errors, everyone is rushing to "wait for confirmation"… I actually think it's quite realistic: liquidity is already tight, and when a black swan event happens, no one dares to take the risk. Anyway, my current approach is, if macro conditions aren’t easing, I don’t fully deploy my positions; I’d rather miss out on some gains than throw myself into a pit during the hottest emotional moments. That’s it for now.