The biggest feeling from watching the market these last couple of days isn’t about who’s stronger—it’s that the interest-rate “string” has been pulled a bit tighter again. Once risk appetite drops, positions will obediently—and pretty much honestly—shrink accordingly, especially those propped up by “emotion + narrative”; when a pullback comes, their drawdowns also don’t follow reason. To put it simply, even when I add to my positions now, I have to ask myself first: how long am I willing to have this money locked up, and can I actually sleep at night?

By the way, that mainstream L1 public chain is going to upgrade/maintain, and in the group people have started guessing whether the ecosystem will “move homes”… I just think that in the short term, it’s more about everyone finding a reason to create an expectations gap. If they truly migrate, it won’t be something that happens overnight. When I was checking points today, it got stuck—I clicked refresh/retry several times, and the page kept queuing. I kept clicking while complaining; I guess stubbornness and diligence is just like that. Anyway, when macro winds are strong, I treat my positions like a thermometer—if it cools down, don’t try to prove you’re brave.