Honestly, the interest-rate situation is pretty tangled in the market right now. Rate-cut expectations have been dragging on, so risk appetite keeps swinging up and down—but overall, funds are still shifting toward lower-risk areas. Put simply, before macro liquidity has loosened completely, I don’t dare to load up too heavily on altcoins or those high-volatility assets on-chain.

Recently, the old “stablecoin depegging” images have started circulating again in the group chat. Paired with all that news about regulatory audits, the mood gets whipped up fast—some people panic and rush to swap into U, while others use the opportunity to snap up bargains. Anyway, after I read it, I just treat it as one data point. Real depegging isn’t something that can be “decided” or shut down by a few screenshots—but the emotions really do get amplified.

To be honest, my strategy right now is to drink tea and watch the show. My position sizing is tightly controlled, and I’ll wait until macro signals are clearer before taking action. The ongoing game between on-chain builders and stingers is actually more interesting than all this noise.