The most intuitive feeling from watching the market these days is: interest rates are not on the chain, but they can turn people's minds from "daring to push" back to "just staying alive first." When risk appetite contracts, positions are like being pulled back by an invisible hand. Even I feel it—despite no major on-chain incidents happening, I still can't help but want to reduce a bit, fearing a sudden liquidity drain.

The set of on-chain games is more like a magnifying glass. When inflation rises or studios roll out new projects, coin prices spiral downward; when macro conditions tighten, they become even harder to withstand. Honestly, now when I open a position, I first ask myself: am I betting on the narrative, or am I gambling that everyone still has spare money to keep playing with me? When caught in a squeeze and emotions run high, I first push the routing to the maximum, then slowly add more—at least if I lose, I lose more clearly.