Lately I've been paying attention to the interest rate trend again, and I feel it's not just a "macro story," essentially it’s about whether people dare to move their money from "leaving it there" to "taking some risks." When interest rates are high, market risk appetite tends to shrink easily, and no matter how much positions you want to add, you'll hesitate a bit, subconsciously leaning towards light positions and waiting for clearer inflow signals before acting.

These days, the calendar for pledge unlocks and token unlocks has been brought up repeatedly, and the selling pressure anxiety is quite real, but what I care more about is: on the day of unlocking, is there new capital to absorb it? If not, when sentiment cools, it can easily trigger a chain reaction; if there is absorption, it’s actually just okay, scary but just scary. Anyway, I’m slowly moving my positions in segments now, not fighting myself. That’s all for now, I’m going to work.