Plainly put, when interest rates get tightened, risk appetite acts like a chicken with its neck squeezed—capital runs out of altcoins in a rush, and positions have to be cut back too. I’ve been watching the Fear & Greed Index and the funding rate recently, and I found that group sentiment is more honest than the K-line chart: when the market cools down, most of those “faith” posts on Twitter disappear. The narrative around modular blockchains and DA layers has been pretty lively, and developers seem like they’ve been injected with steroids—but what about users? They’re completely clueless. In any case, nobody around me is genuinely using those new things. After this macro transmission, risk appetite becomes an amplifier of sentiment—I’ll just stay cautious for now and wait to see again once the funding rate keeps getting hit or normalizes.