I used to think that "liquidity exhaustion = a golden opportunity to buy cheap," getting more excited as prices fell, thinking about bottoming out and turning things around. Now I understand: the most dangerous part back then wasn't the direction, it was that you simply couldn't get out at all, with slippage eating half your life in one bite, and forced liquidation being especially straightforward... So I’d rather lower my leverage to a level where I can sleep peacefully, keep cash and margin, survive first, then talk about bottoming out.

Recently, I’ve seen some new L1/L2 projects offering incentives to boost TVL, and old users complain about "mining, then selling," basically meaning the liquidity looks lively but can be pulled out at any time. Anyway, I don’t get too excited when I see the "pool deepening" now; I first want to think clearly: if something really goes wrong, can I withdraw, and how much will it cost to do so? Don’t let your position curve break; that’s way more important than guessing the bottom.