Lately, I haven't been paying much attention to on-chain data and instead have been focusing on the interest rate string. When it tightens, everyone's risk appetite is like a swimming ring being squeezed for air; they say they’re long-term oriented, but in practice, they shrink their positions first. When it loosens, it’s like the streetlights flickering on at night, and confidence returns, but it also makes people more impulsive.

Developers are excited about modularization and the DA layer, but users just look confused, thinking “What does this have to do with me?” In short, when macro sentiment cools down, even the most innovative narratives find it hard to coax money out of people's pockets. I’m currently keeping some dry powder, avoiding chasing hot topics, preferring to miss out rather than have my mindset worn down by volatility. Anyway, in a bear market, position size is more about psychology than math.