Today I watched some large on-chain transfers for a while, almost got the itch to follow along… but I really need to think clearly first: was that transaction for building a position, or was someone hedging/moving collateral? Don’t automatically assume “whale” when you see those two words. Especially now with RWA, US bond yields, and on-chain yield products constantly being compared, everyone is looking for “stable interest,” but whales are more likely to be adjusting their position structure, not trying to make us rich. To put it simply, I’m tired but still here, reducing leverage for now, widening the liquidation margin, so if I want to jump, I’ll at least keep my life to come back home.