The biggest feeling from watching the market these past two days is still that the interest rate string is pulled too obviously: outside risk-free rates are high, and everyone's patience for "taking risks with volatility" is short, so when positions loosen, they want to return to the comfortable zone of cash/short-term bonds. To put it simply, when risk appetite drops, the first thing the crypto circle feels is not the news but liquidity and sentiment thinning together—rising feels like suffocating, falling feels particularly smooth. My own approach is very simple: treat core positions as slow variables, rebalance within ranges, and don't be forced to change beliefs by a single K-line; but I also have to admit that a turning point is coming—new L1/L2s are offering incentives to pull TVL, and I understand the old users in the group complaining about "mining, selling," but at this stage, I prefer to see incentives as short-term noise, maintain position discipline, and don't be too hard on yourself.