Lately, I've really been feeling the impact of macro factors... When interest rates go up, people are more inclined to just sit back and earn interest, and risk appetite shrinks immediately. Whenever I get excited about perpetuals and want to add positions, the funding rate hits me with a slap first: when things are going ridiculously well, it's usually because everyone is crowded on the same side, and a gust of wind can cause a stampede. Now I prefer to watch the changes in my holdings to see if there's a feeling of “the more it rises, the fewer people dare to chase,” before deciding whether to get involved.

Airdrop season is also quite surreal. Task platforms are becoming more and more strict with anti-witch measures, and the point system feels like clocking in for work... Everyone is competing while fearing they’ll be reset to zero, and the mood is getting more anxious. Honestly, when interest rates are high, I treat leverage as a taboo—lighter, slower, so I don’t get wrecked again. That’s all for now, I’m going to work.