Recently, the most annoying thing about watching the market isn't actually the ups and downs, but everyone pretending that interest rates have nothing to do with the crypto world. To put it simply, when interest rates go up, the "patience cost" of money becomes more expensive, and risk appetite will first withdraw some from high-volatility positions. No matter how much narrative is discussed on-chain, it has to give way. My approach is quite simple: when macro conditions are tight, I lower the leverage and the weight of long-tail coins, saving some bullets to wait for the emotional wave to pass.

These days, funding rates are again extremely high, and the group chat is heated: is it a reversal or just more bubble squeezing? I personally trust the "position structure" to vote first—when rates are ridiculously high, even if the direction is correct, the trading experience will be worn down by transaction fees. After all, the market isn't short of smart people; what’s lacking are those who can bear the costs (of course, there are also those who believe costs don't exist). That’s all for now.