I just looked at the funding rate again, and it’s moved to a pretty extreme point. It’s hard to say I’m not tempted—I automatically have this thought pop up: “Should I go in against the other side and pick up some bargains”… But the truth is, what I fear more is that kind of back-and-forth pinning, the way it wears people down until they start doubting life. Most of the time, I choose to stay out: reduce my position a bit, place a small order to show I’m around, mainly so I don’t accidentally break the safety cushion of my long-term position out of impatience.

If I really want to play the other side, it’s not some hero thing either—I need to think through how long I can hold up in the worst-case scenario. I basically don’t touch leverage; at most I use spot plus a very small hedge. Sleeping well matters more than making a little extra profit. Lately, there’s been a lot of noise about NFT royalties, and it’s pretty similar to this: everyone wants “more liquidity,” but in the end, the pressure lands on creators/holders. Once emotions kick in, the market loves to use extremes to teach people a lesson… Anyway, I’ll play it safe for now, keep some ammunition, and wait until the wind dies down a bit.