That “feels like the lending position is only three steps away from the liquidation line” is, frankly, the point where your brain starts to stop listening to you. My habit is to first cut down on the “face leverage”: either add a bit of margin to push the red line further away, or reduce your position to get your sleep back. Don’t count on the last rebound to save you. Then, double-check those switches for auto-renewal/loop borrowing again—so you don’t think you’re steady when, in reality, the interest is quietly eating your blood.

Recently, big on-chain transfers and any movement of an exchange’s hot/cold wallets get treated as “smart money.” I look at them too, but more as an emotional temperature gauge: the more people use it as a signal, the less I dare to hard-hold at the edge of the red line. When you’re three steps away from the red line, there are really only two things you can do: reduce uncertainty, or accept a passive exit. Don’t hand your life over to luck. That’s it for now.