Last night I stayed up until 2 a.m. watching audits and monitoring the market, feeling that the macro trend of "tightness or not, will there be a cut" over the past few weeks is more direct than any on-chain narrative. When interest rates rise, everyone's patience shortens, risk appetite contracts, and derivative positions naturally want to reduce leverage and save some bullets; when expectations turn dovish, people start itching to add positions again, but honestly, many times it's emotions moving first, with logic catching up later.

Recently, a major mainstream public chain is about to upgrade/maintain, and everyone in the group is guessing whether ecosystem projects will migrate. I'm actually more concerned about whether liquidity will thin out before and after this node, or whether slippage will suddenly increase... When macro stability is shaky, adding on-chain events can easily amplify "normal fluctuations" into "liquidation education." I'm now gradually adjusting my positions; I prefer to miss out on some opportunities rather than gamble recklessly in uncertainty.