I've been lurking in the group for a long time, but I still can't help but say: when liquidity is really scarce, think first about how to survive, don't rush to prove you can bottom fish. Honestly, during that stage when "nobody has money to take over," whether prices fall or not is no longer a logical issue, it's about who is forced to liquidate first.

Recently, with extreme funding rates, everyone is arguing whether to reverse or continue to squeeze the bubble. I actually want to look more at whether the real needs at the settlement layer have changed: on-chain transfers, stablecoin flows, and whether liquidations are accelerating. If nothing has changed, then even if there's short-term excitement, it's just temporary... My own approach is very simple: use less leverage, do it in batches, keep cash on hand, better to miss out on some opportunities than to endure in the worst liquidity conditions. That's all for now.