Lately, watching the markets has been more exhausting than analyzing macroeconomics. When interest rates tighten, risk appetite feels like it's being drained away. The transmission in the crypto space is especially direct: I add a small note of "interest rate sensitivity" to each position, the further back and more narrative-driven ones are easier for me to cut first, after all, cash flow is the real confidence.

On-chain is also quite delicate; the income of miners/validators fluctuates wave after wave, and MEV is often criticized for unfair ordering. Basically, you think you're trading, but you're actually gambling on queues and rules... I no longer believe that "as long as it's on-chain and public, it must be fair." My current approach is to keep positions smaller, with shorter cycles, preferring to earn less than risk losing more, keeping the retreat button within easy reach.