Lately, I haven't been paying much attention to the K-line while watching the market, mostly thinking about how interest rates gradually "squeeze" people out of risky positions. To put it simply, when interest rates are high, everyone's risk appetite threshold rises: with the same volatility, those who used to go all-in now want to hold some cash, or split their positions into smaller parts, just to stay alive first. On-chain, you can also feel it—exchange inflows and outflows aren't as extreme anymore, large addresses seem more like testing the waters, transferring in batches, changing routes, stopping for a bit before moving on, probably leaving themselves an escape route.

Cross-chain bridges have issues again, and oracles are showing abnormal quotes—everyone suddenly learns to "wait for confirmation"... In the past, when opportunities arose, they'd rush in first; now, they confirm they won't be the one caught in the middle. It's quite realistic: when macro tightening happens, the sentiment shifts from "I can win" to "I don't want to lose too much," focusing not on fate but on probability. That's all for now.