My current position strategy is quite simple: before interest rates loosen, don’t take the “risk appetite is back” too seriously, the main focus is still on stability, with a small amount of trend chasing as a side dish, taking profits and then stopping. To put it plainly, when interest rates are high, everyone’s patience shortens, and even a slight breeze can make them want to lock in gains first; no matter how beautiful the on-chain narrative is, it can easily turn into a balloon punctured by a needle.

Recently, the ETF fund flows are sometimes called “institutional entry,” and other times they are linked to the same rise and fall as the US stocks, which I find a bit tiring… Anyway, my approach is: treat macro as a wind indicator, not as navigation. When the wind is favorable, add more side dishes; when the wind changes, first fill up on the main course—staying alive is the most important.