Lately, the more I think about it, the more I realize that the macro story is actually pretty straightforward: when interest rates go up, everyone prefers to hold cash/short-term bonds, and as risk appetite contracts, no matter how hot the narrative is in crypto, buying interest becomes hesitant. My own approach is also simple and direct—when interest rates and the dollar are strong, I reduce my positions; I’d rather miss some gains than hold through the worst liquidity conditions.

Additionally, these past couple of days, I saw someone complain about miner/validator income and MEV, and it sparked a debate about whether “ordering is truly fair or not”… Basically, when money is tight, people become more sensitive to these friction costs; the slippage and front-running they usually tolerate suddenly become very glaring. Anyway, I’ll keep observing slowly and think more before acting.