Someone asked me "What does the interest rate have to do with your position"… Basically, it's about market sentiment. When interest rates are high, people prefer to hold cash or government bonds, which are stable. I tend to reduce my positions and choose more certain on-chain interactions, avoiding chasing the hype to prevent a wave of retracement from crushing my mindset. When the market starts to feel "not so tight anymore" and risk appetite returns, I dare to gradually add, starting from the large caps and then to small caps, no rush to eat everything at once.

Recently, the Layer2 folks are arguing again about TPS, fees, and subsidies—who's more attractive… It just makes me more anxious: when subsidies are high, it's easy to grab, but when macro turns cold, the ecosystem that was lively can instantly become quiet. For now, I stick to my usual routine: make a checklist, check the contracts first, look at the fund flow paths, don’t max out your positions, and do it this way for now.