Recently, I've clearly felt that the profit margins have been compressed. On one hand, there are definitely more participants now, and on the other hand, the overall market interest rate environment is adjusting. Earlier in the year, you could casually make ten-plus points of pure profit on any operation, but now you need to put in considerable effort just to hold onto ten points.

This forces you to reconsider — should I continue playing this way? When you factor in the time cost, energy investment, and risks involved, an annualized return below ten points honestly doesn't offer great value for effort. Rather than struggling like this, it makes more sense to reallocate this capital to more hassle-free configurations.

That said, I haven't completely exited. I've kept a very small position to continue running, mainly to stay in sync with market rhythm and avoid getting rusty. My thinking is that if market sentiment ever crashes again and borrowing rates spike accordingly, that would be a great opportunity to add positions. For now, it's all about observing more and trading less — waiting itself is a kind of strategy.