A few days ago, I saw U.S. bond yields rising again. My first reaction wasn't "This is the time to rush in," but rather to reduce my position first. Honestly, when money becomes more expensive, everyone's risk appetite shrinks accordingly. Even if the on-chain activity is lively, it can easily turn into "sentiment leading, liquidity retreating." When prices are rising, people are bold; during pullbacks, they start stepping on each other.

I've only suffered one loss from this before: back then, I didn't understand and just kept going in. I heard people talking about modularization, the DA layer, and they sounded excited as hell. As a user, I was actually completely confused... Anyway, I got itchy and added some positions. But then macro turned cold, and the crypto market is even more sensitive than stocks—drops don't make any sense at all. Later, I set a rule for myself: if I don't understand it, I won't move. Better to earn a little less than to risk that "fee" on uncertain risks. Now I just hold a small position and wait for clearer signals before acting.