Recently, the market sentiment of "looks like it's not dropping much, but as soon as you sell, slippage occurs" has returned. When liquidity dries up, even the words like "bottom fishing" seem a bit luxurious. To put it simply, survive first: reduce your positions, lower leverage to a level you can sleep soundly with, don't stubbornly hold if the funding rate is abnormal, and avoid rushing into the liquidation hot zones that are as crowded as rush hour—it's just asking for trouble.

Additionally, the recent hype around testnet incentives and points systems has heated up again. People in the group are guessing every day whether the mainnet will issue tokens or not... I'm not against taking advantage, but don’t treat "possible token issuance" as a risk hedge. When liquidity is truly lacking, no matter how big the story is, it won't save you from liquidation.

I trust data more, not because I believe in data as a deity, but because after losing twice in a row, my intuition started talking nonsense. That’s all for now.