These days, I’ve been pulling coffee-foam details while also pulling live-chain data and looking at it— the more I look, the more I feel: once interest rates go up, everyone’s “patience” gets more expensive. To put it bluntly, if that “relatively risk-free” side is paying enough, then the reasons you have to hold up against drawdowns in the crypto market have to be stronger; otherwise, your positions naturally contract. With small-position trials and quick in, quick out, that’s how far risk appetite is transmitted.

Recently, the whole “yield stacking” debate around re-staking/shared security has been getting loud. Some people call it nesting dolls, while others call it a new Lego set. Personally, I’m more conservative: the returns look tempting, but in reality you’re trading tail-end risk from more links for interest. When macro tightens, the first thing that’s often cut is this kind of “stacking” that looks “stable.”

Anyway, this is what I’m doing now: I’m keeping away from heavy positions in cash-flow-type holdings; I’ll keep observing the L2/execution layer. I’d rather be lighter on my position. If you don’t agree, that’s fine—I don’t need to be understood; I just don’t want to keep pretending I’m not afraid when the winds turn cold. That’s it for now.