When interest rates rise, the market's willingness to "take a gamble" will weaken first, which is quite straightforward in the crypto world: leverage shrinks first, altcoins weaken first, and what's left is to see whose positions are more resilient to pressure. I personally look at positions, not slogans; when capital flows change, the first to leak are the perpetual contract fees and open interest, and by observing large on-chain inflows and outflows, you can sense the shift in risk appetite.

Additionally, some people have recently complained that on-chain data tools and tagging systems are "lagging or misleading," which I think is normal. No matter how beautiful the tags are, they can't keep up with shell changes and splits. Anyway, I trust permissions and contract actions more: who can move the money, and how the money moves—focusing on these two things first. Let's see further.