Recently, someone compared on-chain yields with U.S. Treasury yields again. I think it's quite normal: when interest rates rise, people's risk appetite gradually shrinks, and their risk tolerance shortens. In simple terms, when you can earn a decent risk-free (or near risk-free) return while lying down, you’re less inclined to hold large positions to withstand volatility. The impulsive "gambling" mentality in the crypto world gets suppressed a bit.

My current position adjustment is quite straightforward: when interest rates are high and macro conditions are unstable, I reduce my spot holdings a bit, basically avoid leverage, and only choose on-chain yield products that I understand. Don’t chase a little extra yield by taking on a bunch of authorization and contract risks—it's like saving money but walking a tightrope… Anyway, after experiencing a major crash, surviving is the most important thing.