These past two days, I’ve started staring at interest rate updates again, just zoning out. To put it simply: when interest rates tighten, everyone’s risk appetite pulls back. Even someone impulsive like me will subconsciously reduce my position. I’d rather make less profit than be woken up in the middle of the night by a margin call text message… Once I feel like “the money’s a bit looser again,” my hands get itchy, and only then do I dare to pick up that little bit of position on L2 again.

Over on L2, they’re still arguing about TPS, fees, and ecosystem subsidies—arguing like a busy market stall. But when the macro winds shift, even subsidies that look really attractive can easily turn into “issuing coupons to attract users.” It’s lively, sure, but I don’t really dare to go heavy and chase it.

I trust the data a bit more: at least on-chain liquidity and fund in-and-out flows are real. Intuition, though, often leads me to chase the tail end—then I watch my slippage in the mempool and end up crying. Anyway, let it be like this for now.