Just got back from a night run and checked the L2 fees and bridge traffic, then took a quick look at the funding rate—so exaggerated it’s almost beyond ridiculous. In the past, I’d get an itch to take the other side of the trade, thinking, “extremes will always revert,” but one time I almost got caught out: the funding rate kept getting even more extreme, and the volatility hit my stop-loss line like paper. Looking back afterward, I was really scared—not because the direction was wrong, but because I underestimated how long emotions can keep dragging on.

Now my choices are more about “hiding first”: extreme funding rates mean the market is testing who can endure more, and I don’t want to join a stamina contest. If I really do take the other side, it’ll only be with a small position size and gradually in batches; I’d rather miss out than stubbornly force it. Lately, we’ve been talking about rate-cut expectations, the U.S. dollar index, and risk assets rising and falling together—basically, once macro gets twisted, even on-chain data can instantly change its face… for now, staying alive is the most important.