I took a look at the interest rates, and it actually made me feel more at ease. At the end of the day, macro is basically about where the money is going. When rates are high, people’s risk appetite naturally shrinks, and positions get tighter too. Lately I’ve basically reduced leverage, raised my liquidation threshold, and I’d rather earn a bit less than be woken up in the middle of the night to top up margin. After all, the flow of funds is the biggest trend—it's not something you can draw on a K-line.

As for social mining and fan tokens, I’ve always been half skeptical. Even if attention is valuable, it still needs liquidity to be turned into cash; otherwise it’s just air. But saying it’s completely a false proposition also isn’t quite right—because some projects really do turn their community into a small-scale economy. I just haven’t dared to load up heavily yet; I’m worried about things going wrong.

To avoid impulse buying, I have a simple, clumsy method: when I want to buy, I first place a conditional order, set a price further out, then go do something else. Half an hour later, I come back with a calmer mind and see whether I should cancel the order. In any case, if it’s truly a good opportunity, it won’t disappear in just a few minutes.