Lately, my biggest feeling when watching the market isn't about who is strong or weak, but that the interest rate string has been constantly taut: when risk appetite shrinks, positions are like being turned off by someone twisting the faucet, liquidity flows out first, on-chain activity also becomes more "stingy," and with larger slippage, I just get lazy to move.

Adding to that, the talk about increasing taxes / compliance winds has shifted again, and deposit and withdrawal expectations suddenly become unstable. Many people say they're not afraid, but their hands honestly shrink.
Now I feel more like managing "whether I can safely enter and exit" rather than betting on rise or fall. Positions are more fragmented, willing to earn less rather than get stuck halfway with nonce jumping around... Anyway, survive first, wait for the wind to calm down a bit.