My biggest feeling from observing the market these days isn't how crazy the candlesticks are, but rather that the "interest rate" rope has been pulling everyone's hand all along. To put it simply, when U.S. Treasury yields rise, risk appetite shrinks back as if a cat is pinning down its tail, and positions shift from "I'll push a bit more" to "Let's hold tight first." The whale addresses on the blockchain are quite real—when sentiment is hot, they prefer to move chips into higher-beta assets; when the wind shifts, they start to lean toward stable assets, even comparing RWA and on-chain yield products with U.S. Treasuries... It sounds pretty sophisticated, but really, it's just asking: if we're both just "lying around earning some interest," why should I take on more risk from smart contracts and liquidity? Anyway, I'm just watching sentiment indicators and capital flows—if my heartbeat speeds up, I’ll just post a cat picture to cool down. That’s it, no more adding to positions for now.