Over the past couple of days, I’ve been thinking again about how that macro story is “transmitted” into the positions I hold… to put it plainly: when interest rates rise, money is more eager to stay in certainty; when risk appetite falls, even if I like a particular L2 narrative, I automatically shrink my position size—I’d rather move slower, confirm the structure has really played out, and then add. On the other hand, once the market starts to be willing to price in the future, on-chain things that are already useful but have been ignored will suddenly be brought out and reevaluated.

I also happen to see a lot of people complaining about miner/validator income, MEV, and ordering fairness. Honestly, I can empathize quite a bit: when macro conditions are tight, everyone is more sensitive to “invisible costs.” Fees aren’t the only pain point—the frustration of getting cut in line amplifies the emotion even more… and it also directly affects my confidence in cross-chain and execution layer security.

Next time, I might be more mechanical: first look at interest rate expectations and overall market sentiment, then decide whether to “focus on observation” or to “allow for mistakes” with a small trial position. Will you treat the macro as a switch, or do you think on-chain data alone is enough?