Recently, I've started paying attention to interest rates again. To be honest, they don't directly determine whether the coins go up or down, but they decide whether people dare to gamble. When interest rates are high, money sitting idle earns returns, risk appetite shrinks, and the "just throw money in" attitude on the chain clearly diminishes. Funding rates also become more volatile, sometimes positive, sometimes negative, and market sentiment swings like a roller coaster.

I used to not believe this, relying solely on intuition to open perpetual positions, but every time macro conditions turn, I get educated: it's not the market trying to kill me, it's that I put myself in the most vulnerable position. Now I’m more honest—when I see position changes and funding rates start to twist, I pull back my holdings first and don’t argue with the market.

And then there's this wave of meme + celebrity shoutouts, attention rotation—looks lively, but the more lively it gets, the more it seems like the last person trying to catch the baton... Veteran players advise newcomers not to rush in. I used to dismiss that, but now I kind of understand. Anyway, I’m just playing it safe for now.