Lately, keeping an eye on macro is more exhausting than watching K-line charts. The moment interest rates tick up, that “willing to take risks” momentum in the market clearly gets pulled back. Position transmission is actually pretty straightforward: first cut the long-tail altcoins, then cut high leverage, and only afterward does it trickle over to the mainstream. In plain terms, funding costs have become more expensive, so people don’t want to hold a pile of uncertainty overnight. What I care about more right now is that when liquidity tightens, the window for oracle price-feed delays—or being pulled and tugged—gets larger. Risk controls that used to be easy to paper over end up failing once the market moves.

The “chain game” collapse pattern is similar, too: once inflation comes in, studios get swept away, and when the token price drops, it spirals downward. In the end, no one even cares about “gameplay” anymore—they’re all calculating how fast they can retreat… When macro risk appetite declines, this kind of model simply can’t hold up.

Too much information also makes me anxious, and my filtering method is pretty crude: every day I only keep three things to look at—one sentence on interest rates and USD liquidity, on-chain liquidation and lending health, and whether a few key oracle data sources are diverging. The rest of the commotion I treat as noise; I pay less attention instead, and I sleep better.