Lately, analyzing macroeconomics is more exhausting than watching the market. When interest rates tighten, risk appetite shrinks accordingly. The most honest indicator of positions is actually the initial reaction: I will first reduce the part aimed at quick profits, keep some bullets, and slow down the pace so I can sleep better. To put it simply, when interest rates are high, the market isn't short of stories; what’s lacking are people willing to bear the volatility.

Recently, testnet incentives and points flooding the screens—everyone is guessing whether the mainnet will issue tokens... I also get tempted, but I treat it as a lottery that “may or may not” happen, and I won’t let it determine my main holdings. There’s too much information, which really causes anxiety. My filtering method is very simple: only look at three things—whether funds are flowing back into risk assets, whether there’s real usage on the chain, and whether my emotions are starting to get anxious. As for everything else, I’ll just consider it noise.