On interest rates, I looked around recently and found it’s actually pretty interesting. Over there in the US, rate-cut expectations keep flipping back and forth, and in crypto, capital immediately starts to sway along with it. Put simply, risk appetite is even more straightforward than the K-line—when liquidity is loose, people dare to move their positions into smaller coins; when rates tighten, they quickly pull back into “safe zones” like BTC and ETH.

After that recent public-chain upgrade caused a shutdown, the market started speculating again about whether projects might migrate. I think short-term sentiment is one thing, but what really matters is the real on-chain activity data—don’t let headlines steer you. As for my own positions, I’ve just cut back on leverage a bit and kept some cash on the sidelines to see how things play out. No need to pretend to be an expert; “market” has never followed reason. Just survive first, and then we’ll talk.