I used to truly believe that "on-chain is the real," and macro factors like interest rates were far from me... Now I realize it's simply one button: when interest rates go up = everyone's risk appetite pulls back, and I have to shrink my positions accordingly, or I get educated by the volatility. Recently, watching the economic collapse of blockchain games is more like a magnifying glass: once inflation starts, studios jump in, crypto prices spiral, and in the end, everyone claims they were "pushed by the bad environment." My current simple approach is: when macro is tight, use less leverage, keep more bullets, and rely on on-chain data as evidence, not faith. Anyway, the melon can be eaten, but don’t let your positions be an outlet for emotions.