Last night, I stayed up late for that liquidation waterfall again. To be honest, many people are not wrong about the direction; they are just half a beat slow on the feed price. When the oracle quote is delayed, the "reality" seen on the chain is also lagging. You think you're still safe, but in fact the liquidation line is already lining up at the door... When the price jumps, it triggers a chain reaction explosion, and even the quickness to add margin becomes laughable.

In the group these days, people are again sharing screenshots of stablecoin regulation, reserve audits, and various "de-pegging" warnings. As soon as emotions rise, everyone wants to withdraw everything. Anyway, my current mindset is like a version update: I’m no longer chasing rumors, just focusing on the source and update time of the feed price, leaving some breathing room in my positions. During the night liquidation period, the slowest one suffers first.