Lately I've been thinking again about how to transmit the macro framework to my own positions. To put it simply, it's still about interest rates and risk appetite "turning the tap." When liquidity is tight, the on-chain lending spreads will first look worse, and my collateral ratio table will remind me: don't be greedy, don't max out your positions, leave enough buffer for liquidation thresholds; when liquidity loosens a bit, everyone dares to add leverage, but I only dare to do it slowly, preferring to earn less and sleep well.

These days, Meme and celebrity calls are heating up again. I notice that attention shifts quite quickly, and I'm most afraid of newcomers getting excited and going all-in on the last leg. For me, the real "signal" isn't how hot the hype is, but whether, when the market gets euphoric, the safety margin on lending is being squeezed thin... Anyway, I keep an eye on collateral ratios and liquidation lines, and don't let emotions place my trades.