These days, I've been looking at the interest rate line again. To put it simply, it’s just a reminder: whether the market is willing to pay a premium for the "story." When interest rates rise, everyone's risk appetite shrinks, and positions unknowingly become heavier — it's not that you are more optimistic, but volatility pushes you up.

Recently, RWA, US Treasury yields, and various on-chain "yields" have been compared together. I also get tempted, but I need to be reminded: when yields seem similar, the risks are not just a little different. My approach is still the same old routine: rebalance according to plan when it rises, and don’t stubbornly add positions when it falls. Don’t be hard on yourself; first, stick to your position discipline.