Lately, watching the macro feels a bit like looking at the “engine parameters” in a sci-fi movie: once interest rates get tightened, the market’s fuel for betting on the future runs lower; risk appetite drops, and positions inevitably slide from “telling a story” back to “staying alive.” I’m being pretty direct myself—first I look at dollar liquidity and volatility, and then I decide whether to add a bit of spot as a core holding, or simply turn off leverage altogether. Either way, don’t go head-to-head with the broader environment.

The airdrop season is also pretty interesting. The task platforms’ anti-bot/anti-Sybil controls are getting stricter and stricter, and the points system makes “farming rewards” feel like clocking in for work… Emotionally, it’s lively, but when the macro gets cold, everyone suddenly becomes very realistic: no matter how many points you have, you still have to be able to hold up against drawdowns first. Put simply, what I care about more now is the “endurance” of my positions—only add what the data can support; if it can’t be proven, then just observe. Forget it—let’s not talk about it for now.