I'm not very good at giving big speeches during the most exciting moments, but this borrowing and lending thing really needs to be discussed in advance: when the liquidation line is three steps away from the red line, I usually don't wait to "observe a bit more." First, do something the least dramatic—lower the leverage, even if it's just paying off a little, and improve the health factor; the mindset immediately changes. Then, transfer some of the available margin to other accounts first, so you don't have all your chips tied to the same rope. To put it simply, leaving a way out is more important than guessing the direction.

Recently, everyone has been using ETF fund flows and U.S. stock risk appetite as a stew to explain market rises and falls. I also look at it, but I don't treat it as a life-saving rope. No matter how smooth the narrative outside, the on-chain liquidation line won't move down just because you "see the logic correctly"... Anyway, when I get close to the red line, I first step back half a step. I'd rather earn a little less than get taken out in my sleep with a single blow. That's it for now.