These days, I see everyone interpreting ETF capital flows, U.S. stock market risk appetite, and crypto market fluctuations all together, and honestly, it makes me want to laugh: emotions are emotions, mechanisms are mechanisms. When things really go wrong, it's often not that the direction is wrong, but that the oracle price feed is a half beat slow.

You leverage up (I hardly touch it now), and when the market takes a sudden turn, on-chain quotes haven't caught up yet, and the liquidation line has actually been breached, but the system still "thinks" everything's fine; by the time the price feed catches up, a liquidation is triggered all at once, with slippage and congestion, and your position gets hammered into the ground. To put it simply, you think the market hit you, but actually, it's the delay and execution that hit you.

Next time, I’ll be more honest: keep smaller positions, stay further from the liquidation line, and when on-chain congestion occurs, just reduce my position first. Would you guys really tighten the liquidation line so close just to "eat a little more"?