I used to really think that liquidation meant "price hits = immediate explosion," but I later realized that the entire process depends on the oracle feeding the price: sometimes the on-chain price has already fallen below the liquidation point, but the feed is a half-beat slow, so you think it's still safe. When it updates, it jumps directly to a lower level, and the liquidation comes suddenly, harshly, and messily, making it impossible to quickly cut losses and fix the damage.

Recently, everyone has been watching the staking unlocks and token unlock schedules, basically fearing that a sudden sell-off will break through the market; now I care more about whether the feed keeps up during the crash and whether the source is reliable. Anyway, my approach is pretty simple—keep leverage smaller, leave wider liquidation margins, and prefer to manually accept losses rather than gamble on "it probably won't update right at that moment." Stop-losses should look good, but they must also be decisive.